Company Presentation

June 2017

1

Business Overview

Company Overview

3

Notes

1. Unique visitors are considered across various mediums – Voice, PC Internet, Mobile Internet – these may not necessarily be mutually exclusive.

2. As on 30 June, 2017

India’s only Search Plus engine (Search & Transact)

Multi platform search engine

High rates of direct, mobile and repeat traffic

4,35,980 active paid campaigns(2)

73.1mn reviews and ratings(2)

100.5mn unique visitors in Q1FY18 (1)

18.8mn total business listings(2)

Profitable business model

Justdial Everywhere: Connecting With Users Anytime, Anywhere

PC Internet Mobile Internet & Apps Voice/SMS

User friendly features

– Predictive auto-suggest

– Maps, directions, operating hours, logos, pictures, videos

– Ratings and reviews

Search by company or category or product

Search Plus

Popular category searches

Location-based search service

Voice Search

Search Plus

Developed Android, iOS, Windows apps

8888888888 Operator assisted Hotline number

across India

24 hours a day, 7 days a week

Multi-lingual support

Company/ category/product searches

Search Plus

4

User Community and Reviews Drive Engagement

5

37.1

41.3

45.1

48.4

5153.1

55.3

58.360.6

62.664.8

67.9

70.5

73.1

0

10

20

30

40

50

60

70

80

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Reviews & Ratings (In Mn)

Voice, PC and Mobile – Unique Visitors

Total Unique Visitors are considered across various mediums – Voice, PC Internet, Mobile Internet – these may not

necessarily be mutually exclusive.

Unique Visitors

in million

27.6 27.3 24.3 24.8 26.7 25.2 24.3 25.6 28.0

11.3 10.910.6 9.7 10.3 9.9 9.5 9.0

9.9

36.3 37.636.6 36.8

38.9 41.5 46.852.2

62.7

75.2 75.9 71.5 71.3

75.9 76.6 80.5

86.8

100.5

0

20

40

60

80

100

120

Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18

Web Voice Mobile

Attractive Value Proposition for Local SMEs

Paid Campaigns

‘000

Total Business Listings

Million

7

171

206

262

331

369

435 436

0

50

100

150

200

250

300

350

400

450

500

FY12 FY13 FY14 FY15 FY16 FY17 Q1FY18

7.2

9.1

11.8

15.1

16.3

17.9

18.8

0

2

4

6

8

10

12

14

16

18

20

FY12 FY13 FY14 FY15 FY16 FY17 Q1FY18

Note: Numbers mentioned in graphs above are period ending numbers

JD lite app – light, fast, and less than 1MB

8

JD Pay – integrated within the App for easy payments

9

Search Plus – A natural extension of our core search business

10

Leveraging The Three Cornerstones of Our Success to Do More

Enabling Best Way to Discover

Information About Each Other

Trusted Strong Brand

Established

Relationships

with Local SMEs

Across India

Large, Loyal

User Community

“Three Clicks to Find”

Enabling Hyper Local Commerce

and Transactions

Trusted Strong Brand

Established

Relationships

with Local SMEs

Across India

Large, Loyal

User Community

Enabling “Offline to Online” Shift

“Three Clicks to Transact”

Products and Services – Search Plus

11

Options of Wallets for Payment

Hail a Cab Shop Online

Order Grocery

Products and Services – Search Plus

12

Book Train Tickets Bills & Recharge

Book Movie Tickets Book Flight Tickets

Search Plus: Win-Win for Users and SMEs

13

• Enable O2O transformation

• App to better manage business

• Shop front for customer

acquisition in local markets

• Enhance trust online

(via JD guarantee)

• Leverage existing hyper local

delivery network

• Choose vendor in local

neighborhood for product of choice

• Convenience of ‘master app’,

look no further

• Personalized door-step

service experience

• Real-time price discovery

• Increased engagement and stickiness

of users

• Increase in monetization streams

from SMEs

• Natural extension of core

search business

The Search Plus Model

14

New Revenue Streams Near Term Areas of Focus

User engagement

Vendor adoption and

penetration

No. of listings in each

segment

Transaction fee

JD Omni#

Display ad revenue

Subscription fee from Vendors

#JD Omni is being revamped and will be launched soon

Financial Overview

We have an Efficient and Profitable Business Model

Quarter ended June 30, 2017 highlights:

► Total operating revenue: INR 1,900 MM

► Adjusted Operating EBITDA margin at 19.6%*

► PAT margin at 17.6%

16

* Note: Adjusted Operating EBIDTA is adjusted for ESOP expenses and one time expenses

FY2015 FY2016 FY2017 Q1FY18

Paid Campaigns 331,200 368,800 435,360 435,980

Operating Revenue INR 5,898 MM INR 6,677 MM INR 7,186 MM INR 1,900 MM

Adjusted Operating EBIDTA INR 1,840 MM INR 1,706 MM INR 1,255 MM INR 373 MM

Adjusted Operating EBIDTA MARGINS 31.2%* 25.6%* 17.5%* 19.6%*

PAT INR 1,389 MM INR 1,427 MM INR 1,213 MM INR 382 MM

PAT Margin 21.7% 19.1% 15.1% 17.6%

Financials up to FY15 are based on Indian GAAP, while FY16 onwards are based on Ind AS

Rapid Revenue Growth

► Paid Advertisers primarily across 11 large Indian cities

(Contributes substantially to all of the company’s campaigns)

► Paid Advertisers pay fixed monthly or annual fees to run

search-led advertising campaigns for their businesses on

Justdial’s platform

► Various types of premium memberships: Platinum, Diamond,

Gold and non-premium packages determine priority of

placement in search results

– Get direct leads to consumers (actual buyers)

– Paid in advance

– Automatic renewal

► Justdial also runs multiple city campaigns for pan-India

customers

► 4,026 tele-sales executives and 1,427 feet on street selling

to SMEs and 2,308 Just Dial Ambassadors (JDAs)

Key Business Model AttributesOperating Revenue

INR Mn

17Financials up to FY15 are based on Indian GAAP, while FY16 onwards are based on Ind AS

190018171763

7186

6677

5898

4613

3628

2621

1839

1839

2621

3628

4613

5898

66677051

1699 1814 1897

0

1000

2000

3000

4000

5000

6000

7000

8000

FY11 FY12 FY13 FY14 FY15 FY16 FY17 Q1FY17

Q4FY17

Q1FY18

Other revenue Search

Margin Expansion and Operating Leverage

Key Expenses as a % of Operating Revenue Key Drivers

►More paid campaigns

►Improved package pricings, increasing and

upgrading contracts

►Deepen and broaden SME coverage

►New categories, new products and services

►Increasing PC Internet and mobile internet

usage volume

►Increased brand awareness

18

Adj. Op. EBIDTA Margins*

17.5% | 19.6% | 19.7% | 19.6%

* Note: Adj. Operating EBIDTA excludes ESOP expenses and one time spends

Financials up to FY15 are based on Indian GAAP, while FY16 onwards are based on Ind AS

52% 51% 50% 50% 52%57%

61% 62% 60%56%

23% 24%22% 20%

20%

21%

23% 22%22% 27%

4% 3%4%

4%4%

5%

6% 5% 6% 5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY11 FY12 FY13 FY14 FY15 FY16 FY17 Q1FY 17 Q4FY 17 Q1FY 18

Personnel other OPEX Depreciation

Driving Profitability Growth

Profit after Tax (PAT)

INR Mn

19

PAT MARGINS: 15.1% | 19.0% | 13.0% | 17.6%

Financials up to FY15 are based on Indian GAAP, while FY16 onwards are based on Ind AS

288

506

685

1206

13891427

1213

389

254

382

0

200

400

600

800

1000

1200

1400

1600

2011 2012 2013 2014 2015 2016 2017 Q1FY 17 Q4FY 17 Q1FY 18

Growing Cash Flows and Return on Capital

Cash Flow from Operations

INR Mn

Return on Net Worth (RoNW)

20

600

9571023

1330

1846

1479

1362

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

36%

50%

26% 25%

22%

19%

15%

0%

10%

20%

30%

40%

50%

60%

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

Key Strengths

Attractive Value Proposition For Local SMEs

Experience and Expertise in Local Indian Markets

First Mover Advantage in the Indian Local Search Market

Strong Brand Recognition

Advanced and Scalable Technology Platform

An Efficient and Profitable Business Model

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