Technology

Incorporated in 2001, Matrimony.com Ltd (MCL) is engaged in providing online matchmaking and marriage services through internet and mobile platforms in India and internationally. Currently, MCL has a database comprising of 3.3 million active profiles (as of December 31, 2017) and 140
retail centers distributed across India. Its flagship brand, BharatMatrimony, has 15 language based domains under its umbrella.

We expect MCL to report net revenue CAGR of ~15% to ~`450cr over FY2018-20E mainly due to strong growth in online matchmaking and marriage related services coupled by its strong brand recall and large user database. On the bottom-line front, we expect CAGR of
~28% to `82cr over the same period on the back of margin improvement (due to strong operating leverage & reduction in losses of marriage service business). We initiate coverage on the stock with a Buy recommendation and target price of `984 based on 27x FY20E EPS, indicating an upside of ~26% from the current levels.

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