Shares of Just Dial Ltd soared more than 5% on April 18 as the company reported solid earnings for the January-March quarter and a continued recovery in margins.

The local listing search engine reported better-than-expected net income thanks to a rise in unique visitors, active listings and paid activity on its platform. According to the company, its platform had 15.9 crore unique visitors from January to March, up from 15.7 crore from October to December. The metric rose for the fifth straight quarter, the company said.

Shares of Just Dial were trading at Rs 680.50 per share at 11:31 am, up 5% from the previous close on the BSE.

Just Dial’s net profit in the fourth quarter of FY23 surged 11% to Rs 83.6 crore from Rs 75.3 crore in the preceding quarter. Consolidated revenue in the fourth quarter rose 5% to Rs 232.5 crore from Rs 221.4 crore.

Adjusted EBITDA margin improved significantly from negative 0.5% at the end of 2021-22 (April-March) to 15.3% in the March quarter.

The stock has returned nearly 90% over the past three years. Over the past year, however, shares have fallen more than 21%.

Just Dial’s profits have grown steadily over the past few years since Reliance Retail acquired a nearly 67% stake in the company in July 2021. Just Dial posted a net profit of Rs 162.7 crore in FY23 compared to Rs 70.8 crore in FY22.