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Business Standard records Rs 6.77 cr Q4 net profit

Business Finance

Press Trust of India  |  Chennai 

: On-line matchmaking service

provider has recorded consolidated net profits of Rs 6.77 crore for the quarter ending March 31, 2020, the company said on Wednesday.

The city-based company had registered consolidated net profits at Rs 7.10 crore during the corresponding quarter in the previous year.

For the full year ending March 31, 2020 net profits slumped to Rs 29.53 crore from Rs 42.45 crore in 2018-19 fiscal.

The revenues for the quarter grew by 4.5 per cent to Rs 94.1 crore and for the year by 6.7 per cent to reach Rs 371.8 crore.

The company, in a statement said, it added 5.28 million free profiles and 7,04,259 paid profiles during 2019-20.

The Board of Directors at its meeting held on Wednesday recommended a final dividend of 70 per cent (Rs 3.5 per equity share of per value of Rs 5 each), subject to the approval of shareholders.

The final dividend includes a special dividend of 40 per cent commemorating the company's 20th anniversary, it said.

Chairman and Managing Director Murugavel Janakiraman said despite the challenging situation caused by COVID-19 the company was able to demonstrate a 'double digit' growth in revenues in matchmaking and profitability in fourth quarter.

"With our focused efforts towards business continuity, we were able to prioritise employee well-being and achieve close to 100 per cent work from home. We continue to drive efficiency across all areas to be a stronger organisation", he said.

The company's 'robust' balance sheet would help navigate the troubled times and with right interventions, the business can emerge stronger when situation improves, he said.

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

First Published: Wed, May 20 2020. 20:28 IST