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Business Standard clocks 5.1% rise in Q1 net profits at Rs 15.64Cr

Press Trust of India  |  Chennai 

: Online provider of matrimony related services, has recorded a marginal increase in its net profits for the April-June quarter at Rs 15.64 crore.

The city-based company had clocked net profits of Rs 14.87 crore during corresponding quarter of the previous year.

For the year ending March 31, 2018 net profits of the company stood at Rs 73.86 crore.

Total income of the company for the quarter ending June 30, 2018 grew to Rs 89.56 crore from Rs 83.84 crore registered during the year-ago period.

For the year ending March 31, 2018 total income of the company stood at Rs 335.53 crore.

Commenting on the financial performance, the company's Managing Director, said, "business is witnessing an intense competition in the Northern and in some parts of western markets".

"Deep discount on subscription packages and heightened marketing spend by competition in those markets has impacted our overall growth," he said.

On the outlook for the financial year, he said, the company's launch of mobile application in eight languages and setting up of its subsidiary in UAE would get back the company to clock 'healthier growth' in coming quarters.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, August 11 2018. 18:10 IST