Matrimony.com zooms 43% in 2 days, scales fresh record high

Shares of Matrimony.com hit a record high of Rs 1,160 after surging 19 per cent on the BSE in the intra-day trade on Wednesday. The stock has zoomed 43 per cent in the past two trading days.

The stock of the leading consumer internet company in India surpassed its previous high of Rs 1,025 touched on September 21, 2017, also its debut day on the bourses. It zoomed 362 per cent from its 52-week low of Rs 251 touched in March 2020.

At 10:39 am, the stock was trading 17 per cent higher at Rs 1,137 on the BSE, against a 0.64 per cent rise in the S&P BSE Sensex. A combined 286,000 equity shares changed hands on the counter on the NSE and BSE.

Matrimony.com is a signature consumer internet conglomerate, managing marquee brands such as BharatMatrimony, CommunityMatrimony and EliteMatrimony. The company delivers matchmaking and marriage related services to users in India and the Indian diaspora.

JP Morgan Asset Management, which holds shares in Matrimony.com through CMDB, is offloading its stake in the company via open markets through bulk deal.

Last week, on February 18, CMDB sold 250,000 equity shares of Matrimony.com at an average price of Rs 880 per share on the BSE and NSE via bulk deals, the exchanges data shows. The names of the buyers were not ascertained immediately.

As per December 2020 shareholding pattern, CMDB holding in the company declined to 5.7 per cent from 14.49 per cent at the end of the September quarter and from 14.78 per cent in the June quarter. SBI Mutual Fund (MF) bought 1.21 million shares or 5.3 per cent stake in Matrimony.com through its various schemes during the December quarter, the shareholding pattern data shows.

For the quarter ended December (Q3FY21), Matrimony.com reported a 96.5 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 11 crore. Revenues grew 7.4 per cent YoY to Rs 96.7 crore. The company added 2.3 lakh paid subscriptions during the quarter, registering a growth of 31.2 per cent YoY.

The company launched two new and exclusive services namely RajasthaniMatrimony and BihariMatrimony, in a move to expand and strengthen leadership in the North. It also launched DoctorsMatrimony exclusively for Doctors.