Project Report

On
“A critical study of development of E-commerce with special
reference to Justdial.”
Submitted in partial fulfillment of the requirements for the award of the
degree of “ BCOM HONOURS”

Submitted To:-
M.J.P ROHILKHAND UNIVERSITY, BAREILLY

In the deparment of

BCOM HONOURS

SUPERVISED BY:- SUBMITTED BY:-

MR.NEERAJ RUHELA AMAN SRIVASTAVA
(DEPARTMENTAL HEAD) BCOM (HONS.) III YEAR

ROLL NO-190406100041

Session 2020-2021
HINDU COLLEGE MORADABAD
UTTAR PRADESH 244001
STUDENT DECLARATION

I Aman srivastava hereby declare that the research work presented in this project report
entitled “A CRITICAL STUDY OF DEVELOPMENT OF E-COMMERCE WITH SPECIAL REFERENCE
TO JUSTDIAL. ” for the fulfillment of the award of Bcom (hons) from Hindu College, Moradabad
is based on my original work. The project report embodies the result of original work and
studies carried out by me and the contents of the project do not form the basis for the award of
any other degree to me or to anybody else.

AMAN
SRIVASTAVA

Bcom. (Hons. )

Third year
 CERTIFICATE

This is to certify that Mr. Aman Srivastava a student of Bcom Honours , Hindu College,
Moradabad under the university MJPRU Bareilly has worked under my supervision and
guidance for his project work and prepared a project report with the “““A CRITICAL STUDY OF

DEVELOPMENT OF E-COMMERCE WITH SPECIAL REFERENCE TO JUSTDIAL .” Which he is

submitting, his genuine and original work to the best of my knowledge.

Place:

Date:
Neeraj
Ruhela

(HOD) Bcom Hons

Hindu college
 ACKNOWLEDGMENT

It gives me immense pleasure and privilege to acknowledge my

deepest sense of gratitude towards all those who helped me in
the successful execution of this project.
I would like to thank our principal Sir Dr. B.B Singh for his able
guidance. I also extent my gratitude towards Departmental head
Mr. Neeraj Ruhela (Project incharge), who entrusted me for the
completion of this project.
I would also like to thank Ms. Sweta singh and Mr. Prince
kumar from B.com hons Department for my frequent query
solution.
The acknowledge would be incomplete without thanking my
family and friends who were a big supporting system
throughout.

AMAN SRIVASTAVA
B.COM (HONS.)
( THIRD YEAR)
ROLLNO:-190406100041

INDEX
1. INTRODUCTION
2. OBJECTIVES OF THE STUDY
3. SCOPE OF THE STUDY
4. COMPANY PROFILE

5. LITERATURE REVIEW
6. RESEARCH METHODOLOGY

7. ANALYSIS AND INTERPRETATION

8. FINDINGS
9. IMPORTANCE OF THE STUDY

10.CONCLUSION
11.RECOMMENDATIONS
12.LIMITATIONS OF THE STUDY
13.BIBLIOGHRAPHY
14. ANNEXURE

A Critical Study of
Development of
Ecommerce with
Special reference to
Justdial.
INTRODUCTIO
N
 INTRODUCTION
The term e-commerce was coined back in the 1960s, with the rise of electronic commerce – the
buying and selling of goods through the transmission of data – which was made possible by the
introduction of the electronic data interchange. Fast forward fifty years and e-commerce has
changed the way in which society sells goods and services.

E-commerce has become one of the most popular methods of making money online and an
attractive opportunity for investors. For those interested in buying an e-commerce business, this
article serves to provide an introduction to e-commerce, covering the reasons for its popularity,
the main distribution models and a comparison of the major e-commerce platforms available.
E-Commerce was first developed in the early 1970s with innovations like: electronic funds
transfer (EFT) - funds can be routed electronically from one organization to another. Electronic
data interchange (EDI) – used to electronically transfer routine documents, which expanded
electronic transfers from financial transactions to other types of transaction processing. Inter-
organizational system (IOS) – a system which allows the flow of information to be automated
between organizations in order to reach a desired supply-chain management system,
which enables the development of competitive organizations

How does e-commerce work?

E-commerce is powered by the internet, where customers can access an online store to browse
through, and place orders for products or services via their own devices.

As the order is placed, the customer's web browser will communicate back and forth with
the server hosting the online store website. Data pertaining to the order will then be relayed to a
central computer known as the order manager -- then forwarded to databases that manage
inventory levels, a merchant system that manages payment information (using applications such
as PayPal), and a bank computer -- before circling back to the order manager. This is to make
sure that store inventory and customer funds are sufficient for the order to be processed. After
the order is validated, the order manager will notify the store's web server, which will then
display a message notifying the customer that their order has been successfully processed. The
order manager will then send order data to the warehouse or fulfillment department, in order for
the product or service to be successfully dispatched to the customer. At this point tangible and/or
digital products may be shipped to a customer, or access to a service may be granted.

Platforms that host e-commerce transactions may include online marketplaces that sellers simply
sign up for, such as Amazon.com; software as a service (SaaS) tools that allow customers to
'rent' online store infrastructures; or open source tools for companies to use in-house
development to manage.
Classification of E-commerce
 Business- to- business
 Business- to-consumer
 Consumer-to-consumer
 Consumer-to-business
 Business-to-government

Business-to-business
Business-to-business e-commerce may be defined as the buying and selling of goods and
services between companies online. To realize increased productivity and savings, businesses
involved in B2B will integrate their internal systems together, enabling less human intervention.
Electronic marketplaces, also known as B2B exchanges, serve as electronic hubs bringing
together suppliers and purchasers in common virtual environments.

E-marketplaces are either “many-to-many,” bringing together many buyers and sellers in a
particular vertical BUSINESS-TO-BUSINESS E-COMMERCE BASICS (03/08) 2 market, or
“one-to-many” where one major supplier or consumer will attract many of its trading partners to
its e-marketplace. Over the past couple of years, it has been these private, one-to-many e-
marketplaces that have proven to be the most successful

. The world of business-to-business e-commerce may not be the overnight sensation that it once
was, but it is slowly becoming a necessity to compete in today’s marketplace.

Any contemplation of entering the B2B world demands that you examine your own processes to
discover where automation can reduce costs and potentially increase revenue. In the same
manner that businesses tested the Internet waters with email and brochure-style websites, there
may be free e-marketplaces within your sector that can be the first step on the road to true B2B
e-commerce.
Example of B2B
Buffer is an example of B2B eCommerce website partner with them. Buffer is a great tool to
manage your account on social media networks so users can schedule posts to Twitter, Facebook,
Instagram, and Linkedin.

Buffer saves you time and helps your business staying active on social media by posting on
social media at least once a day. For the example of B2B eCommerce, you understand time is
money, so Buffer helps you to queue tweets every day even when a marketer is going on holiday.

Buffer can link Twitter, Facebook, LinkedIn, and Instagram with it and prevents you from
springing platform to platform on a copy and paste spree. By posting to multiple sites at the
optimum time on your behalf, Buffer is one of B2B eCommerce examples to communicate
consistently across a wide array of social media platforms.

Business-to-consumer
Business-to-consumer (B2C) is among the most popular and widely known of sales models. The
idea of B2C was first utilized by Michael Aldrich in 1979, who used television as the primary
medium to reach out to consumers.

B2C traditionally referred to mall shopping, eating out at restaurants, pay-per-view movies, and
infomercials. However, the rise of the Internet created a whole new B2C business channel in the
form of e-commerce, or selling goods and services over the Internet.

Although many B2C companies fell victim to the subsequent dot-com bust as investor interest in
the sector dwindled and venture capital funding dried up, B2C leaders such as Amazon and
Priceline survived the shakeout and have since seen great success.

Any business that relies on B2C sales must maintain good relations with their customers to
ensure they return. Unlike business-to-business (B2B), whose marketing campaigns are geared to
demonstrate the value of a product or service, companies that rely on B2C must elicit an
emotional response to their marketing in their customers.
Example of B2C
Apple

Apple designs and produces electronics hardware, software, and online services. These range
from smartphones (iPhones) to laptops (Macbooks) to computers (iMacs).

They are a great example of a B2C company since they design, develop, manufacture and sell
consumer electronics to consumers.

McDonald’s

McDonald’s is the American fast-food chain that has a global presence and known for its
hamburgers.

McDonald’s is a business serving fast-food to consumers and individuals and can be identified as
one of the biggest B2C companies in the world.

Amazon
Amazon is the biggest ecommerce site in the world and is also considered as one of the four
biggest tech companies in the world.

Amazon’s own products, Amazon Prime, and Amazon Originals (Amazon funded media) are all
great examples of the B2C nature of the business.

Consumer-to-consumer
Customer to customer (C2C) is a business model whereby customers can trade with each other,
typically in an online environment. Two implementations of C2C markets are auctions and
classified advertisements. C2C marketing has soared in popularity with the arrival of the Internet
and companies such as eBay, and Craigslist.C2C represents a market environment where one
customer purchases goods from another customer using a third-party business or platform to
facilitate the transaction. C2C companies are a type of business model that emerged with e-
commerce technology and the sharing economy.

Customers benefit from the competition for products and often find items that are difficult to
locate elsewhere. Also, margins can be higher than traditional pricing methods for sellers
because there are minimal costs due to the absence of retailers or wholesalers. C2C sites are
convenient because there is no need to visit a brick-and-mortar store. Sellers list their products

online, and the buyers come to them.

Example of C2C

OLX – OLX is a very popular platform in India that is used by millions to buy and sell used
products. The interface is simple and easy to use. The model operates in a similar way to other
consumer to consumer e-commerce platforms. People use the provided opportunity to post items
on sale and specify various details like the condition of the product and its description along with
a price tag. Those who are looking to buy used products at a much lesser price, use OLX to
browse through the various postings and then make a choice. A simple and efficient of consumer
to consumer e-commerce.
E-Bay – E-Bay is arguably one of the foremost and one of the most popular customer to
customer e-commerce platforms. Sellers can list their products on e-bay and interested buyers
auction for it. E-bay is a highly popular customer to customer e-commerce platform and is

extensively used all over the world .

Consumer-to-business
Consumer-to-business (C2B) is a business model in which consumers (individuals) create value
and businesses consume that value. For example, when a consumer writes reviews or when a
consumer gives a useful idea for new product development then that consumer is creating value
for the business if the business adopts the input. In the C2B model, a reverse auction or demand
collection model, enables buyers to name or demand their own price, which is often binding, for
a specific good or service. Inside of a consumer to business market the roles involved in the
transaction must be established and the consumer must offer something of value to the business

Another form of C2B is the electronic commerce business model in which consumers can offer
products and services to companies, and the companies pay the consumers.

Example of C2B
Affiliate marketing: It is one of the aptest implementations of the C2B business model. Social
media influencers and other individuals can easily connect with businesses and generate content
based on different product categories. When you are selling on the marketplaces, you will
receive mail from several people to promote your product on the commission basis. Amazon’s
affiliate marketing is the same sort of service that allows influencers to register and leverage its
network to sell the product of other businesses. The business will be rewarded with sales, and
registered affiliate marketers will get commission fees for the same. It’s a win-win situation for
both customers as well as individuals.

Google Ads: Be it the bloggers or website owners, both are trying their best to get the approval
for Google AdSense. It gives the site owner permission to market the products or services of
other businesses on their website. When the visitors on your website, click through them and
convert, the site owner will get the commission fees. It’s one of the amazing ideas to generate
extra income. The best thing is, you can update the settings of Google AdSense about the ads
that you like to show on your website. When the links relate to your business niche, people more
likely to interact with your ads. Such an idea helps you as a business and create extra revenue as
well.

Business-to-government
Business-to-government (B2G) is a business model that refers to businesses selling products,
services or information to governments or government agencies.

B2G networks or models provide a way for businesses to bid on government projects or products
that governments might purchase or need for their organizations. This can encompass public
sector organizations that propose the bids. B2G activities are increasingly being conducted via
the Internet through real-time bidding.

B2G is also referred to as public sector marketing.

Governments are contained within the federal, state and local arenas. Governments typically
work with prenegotiated contracts and they've usually vetted out contractors they've used before
or for whom there are standing contracts that might be grandfathered in. Types of B2G
techniques called integrated marketing communications encompass Web-based communications
as well as strategic public relations and electronic marketing.

Government bids are solicitations that originate from businesses that have something a
government needs. The solicitations may be in the form of reverse auctions where sellers are
competing to obtain business.

Example of B2G

Construction and Infrastructure

Companies that specialize in construction and infrastructure repair often rely on contracts with
state and local government agencies. These agencies consult with contractors on construction
projects for new office buildings, parkland development and road construction. Agencies release
requests for proposals, or RFPs, detailing the work they require and the process for submitting
proposals on these projects. Business owners submit bids that include cost estimates and
timelines. While the company with the lowest bid frequently gets approval for the project, a bid
that emphasizes quality and experience can also win the job.

Information Technology

From tax forms to criminal records, government agencies handle terabytes of data every day.
These offices require sophisticated data access and retrieval systems. Small businesses that
specialize in information technology can find new opportunities by offering consulting and
software development services to government agencies. For instance, a database development
firm can create a system for tax offices that allows businesses to find the necessary tax forms for
investment income, equipment depreciation and real estate purchases.

Advantages and disadvantages of e-commerce

Benefits of e-commerce include its around-the-clock availability, the speed of access, the wide
availability of goods and services for the consumer, easy accessibility and international reach.

 Availability. Aside from outages or scheduled maintenance, e-commerce sites are

available 24x7, allowing visitors to browse and shop at any time. Brick-and-mortar
businesses tend to open for a fixed number of hours and may even close entirely on certain
days.

 Speed of access. While shoppers in a physical store can be slowed by crowds, e-

commerce sites run quickly, which is determined by compute
and bandwidth considerations on both consumer device and e-commerce site. Product
pages and shopping cart pages load in a few seconds or less. An e-commerce transaction
can comprise a few clicks and take less than five minutes.

 Wide availability. Amazon's first slogan was "Earth's Biggest Bookstore." They could
make this claim because they were an e-commerce site and not a physical store that had to
 stock each book on its shelves. E-commerce enables brands to make a wide array of
products available, which are then shipped from a warehouse after a purchase is made.
Customers will likely have more success finding what they want.

 Easy accessibility. Customers shopping a physical store may have a hard time
determining which aisle a particular product is in. In e-commerce, visitors can browse
product category pages and use the site search feature the find the product immediately.

 International reach. Brick-and-mortar businesses sell to customers who physically visit

their stores. With e-commerce, businesses can sell to any customer who can access the
web. E-commerce has the potential to extend a business' customer base

 Lower cost. Pure play e-commerce businesses avoid the cost associated with physical
stores, such as rent, inventory and cashiers, although they may incur shipping and
warehouse costs.

 Personalization and product recommendations. E-commerce sites can track visitors'

browse, search and purchase history. They can use this data to present useful and
personalized product recommendations, and obtain valuable insights about target markets.
Examples include the sections of Amazon product pages labeled "Frequently bought
together" and "Customers who viewed this item also viewed."

The perceived disadvantages of e-commerce include sometimes limited customer service,

consumers not being able to see or touch a product prior to purchase and the wait time for
product shipping.

 Limited customer service. If a customer has a question or issue in a physical store, he or

she can see a clerk, cashier or store manager for help. In an e-commerce store, customer
service may be limited: The site may only provide support during certain hours of the day,
or a call to a customer service phone number may keep the customer on hold.

 Not being able to touch or see. While images on a webpage can provide a good sense
about a product, it's different from experiencing it "directly," such as playing music on
speakers, assessing the picture quality of a television or trying on a shirt or dress. E-
 commerce can lead consumers to receive products that differ from their expectations,
which leads to returns. In some scenarios, the customer bears the burden for the cost of
shipping the returned item to the retailer.

 Wait time. If a customer sees an item that he or she likes in a store, the customer pays for
it and then goes home with it. With e-commerce, there is a wait time for the product to be
shipped to the customer's address. Although shipping windows are decreasing as next day
delivery is now quite common, it's not instantaneous.

 Security. Skilled hackers can create authentic-looking websites that claim to sell well-
known products. Instead, the site sends customers forfeit or imitation versions of those
products -- or, simply collects customers' credit card information. Legitimate e-commerce
sites also carry risk, especially when customers store their credit card information with the
retailer to make future purchases easier. If the retailer's site is hacked, hackers may come
into the possession of customers' credit card information.
 OBJECTIVES of
the study

Objectives of the study

PRIMARY OBJECTIVES
 1. To analyze the infrastructure of e-commerce in justdial
2. To identify the advantages & disadvantages of ecommerce.. .
3. To know the challenges and limitation in ecommerce.
4. To identify the motivation factors and recommendation for future development of
e-commerce

SECONDARY OBJECTIVES
1. To explore something new knowledge from the available resources like internet,
textbooks, research papers, journal etc.
2. To learn about the sequence of various contents to present in systematic and logical
methods.
3. To edit the data in a presentation of project report in a systematic and logical
methods so as to increase compiling skills.
4. To enhance the writings skills keeping in mind the knowledge of grammar and
translation aspects.
 SCOPE of
The study

Scope of the study

The scope of eCommerce Business in India is undoubtedly going to increase year after year. A
recent report by the Internet and Mobile Association of India shows that a fast-paced growth of
around 50% is to be expected in the coming five years.
The primary attribute of this growth is undoubtedly the rise of 3G/4G mobile internet users and a
large number of smartphone users because the same mobile commerce is expected to change
how business transactions happen in India.
The scope of eCommerce business is turning out to be more famous day-after-day according to
the market demand. And this requirement is generating innovations worldwide focused on
delivery time, ease of transactions and several features served by eCommerce businesses, for
example, drone delivery or artificial intelligence.
This article is focused on scope, future, application and various critical factors for the growth of
the eCommerce business scope in India.
Company profile
 JUSTDIAL

V.S.S. MANI

(FOUNDER OF JUSTDIAL)
BOARD OF DIRECTORS
History
In 1987, while working for a yellow pages company,VSS Mani thought of replacing yellow
pages with a database of information that users could call to receive current information about
local business listings.To launch his venture, Mani acquire the Mumbai landline phone number
2888-8888. After several years of seeking financial backing for his idea, Mani launched Justdial
in 1996 with a seed capital of Rs. 50,000, five employees, a few rented computers, and borrowed

furniture. Just Dial Limited is a pioneer in the pan-India search business. It offers a host of local
search-related services and software to users in India through multiple platforms such as
Desktop/ PC website (https://www.justdial.com) mobile site (https://t.justdial.com) mobile apps
(Android iOS Windows) over the telephone (voice pan-India number: 88888-88888) and text
(SMS. The Company has two subsidiaries as on March 31 2019 viz. Just Dial Inc. USA and JD
International Pte. Ltd.Just Dial's JD Omni platform is an end-to-end business management
solution for its SME partners. This platform goes beyond providing visibility to SMEs and
enables them to ramp up their online presence via their own website and mobile website and
drive efficiencies across their businesses. Additionally the company also provides digital
payments solutions via its JD Pay platform for both users as well as SME partners. Though it
offers a vast bouquet of offerings to its users and SMEs search remains the core business of the
company. JD Social - the social media platform of the company enables users to chat view
friends' ratings and reviews and get curated content and information on business trends from top
sources. MSMEs listed on Just Dial get higher visibility through this platform.The Company has
4057 employees in telesales 1410 feet-on-street (marketing) 2663 feet-on-street (Just Dial
Ambassadors (JDAs) cold calling) sales force selling to SMEs. Its robust manpower network
deployed across 250+ cities covers 11000+ pin codes in India.Just Dial Limited was incorporated
in India with limited liability by shares on December 20 1993. Just Dial's shareholders offloaded
a total of 17497458 equity shares of the company through an initial public offer during the period
from 20 to 22 May 2013. The IPO was priced at Rs 530 per share. There was no fresh issue of
shares by the company. During the financial year ended 31 March 2014 the company continued
with its focus on adding new services and expanding its SME base to a large number of
vendors.During the financial year ended 31 March 2015 the company continued with its focus on
adding new services and expanding its SME base to a large number of vendors. J.D. International
Pte. Ltd. Singapore was incorporated as a wholly owned subsidiary of the company with effect
from September 10 2015.During the financial year ended 31 March 2016 (FY 2015-16) Just Dial
bought back 1061499 equity shares of Rs 10/- each at a price of Rs 1550/- per equity shares for
cash aggregating to Rs 1645323450/- on proportionate basis. During the year under review the
company continued with its focus on adding new services and expending its SME base to a large
number of vendors. During the year under review Just Dial launched a new service called JD
Omni' to help small business manage their online and offline sales. JD Omni is a plug and play;
cloud-based solution which can be accessed over cell phones and allows controlling and
monitoring capabilities to business owners via a dashboard. The product allows small businesses
to manage their inventory billing and third party logistics. The product also allows businesses to
integrate bar code and QR code systems. This new service will provide platform to SMEs where
they can transact online as well as offline. The total listings on its platform rose by 9% from 15
million in FY 2014-15 to 16.3 million listings in FY 2015-16 and these establishments enjoy
access to users and potential buyers.The demerger i.e. transfer and vesting of the Data &
Information Undertaking of Just Dial Global Private Limited into Just Dial Limited as per the
Scheme of Arrangement between Just Dial Limited and Just Dial Global Private Limited and
their respective shareholders and creditors was approved by the National Company Law Tribunal
on March 22 2017. During the year ended 31 March 2017 total listings on its platforms rose
9.5% to 17.9 million as on March 31 2017 over as on March 31 2016. During the year under
review the company continued with its efforts to revive the core business by strengthening team
aggressive marketing adding new services and growing paid campaigns. In FY 2016-17 the
Company had undergone a rationalization exercise in various non-core departments and
continues to review the performance of its sales force especially those who consistently do not
meet their targets.In September 2017 Just Dial completed buy-back of 2241000 equity shares at
an average price of Rs 374.18 per equity share aggregating to Rs 83.85 crore. During the
financial year ended 31 March 2018 pursuant to order passed by National Company Law
Tribunal on March 22 2017 in respect of Scheme of Arrangement between the company and Just
Dial Global Private Limited the company issued and allotted 1125068 preference shares of Rs 1/-
each to the shareholders of Just Dial Global Private Limited.During the year ended 31 March
2018 total listings on its platforms rose 21.7% to 21.8 million on the back of continued
awareness about the company's offerings. Paid listings grew by 2.2% to 445110 at the end of the
year. Number of quarterly average unique visitors grew by 32.8% during the year to 106.2
million (this number is average of quarterly unique users for the 4 quarters of FY18 compared to
FY17). During the year under review the company continued with its efforts to revive the core
business by strengthening its products aggressive marketing adding new services and growing
paid campaigns.During the year 2019 the Company completed Buy-back of 2750000 equity
shares of Rs. 10/- each on a proportionate basis through the tender offer at a price of Rs. 800/-
per equity share aggregating to Rs. 220 Crore.During the year 2019 the Company revamped the
design of its mobile platforms to make them more customer-friendly easy to navigate and
aesthetically appealing. It launched JD Social News/Live TV and Chat messenger offerings on
its mobile properties to increase user engagement.

About
Just Dial Limited is India's No. 1 Local Search engine that provides local search related services
to users across India through multiple platforms such as website, mobile website, Apps (Android,
iOS, Windows), over the telephone (voice, pan India number 8888888888) and text
(SMS).Justdial has also initiated ‘Search Plus’ services for its users. These services aim at
making several day-to-day tasks conveniently actionable and accessible to users through one
App. By doing so, it has transitioned from being purely a provider of local search and related
information to being an enabler of such transactions. Justdial has also recently launched JD
Omni, an end-to-end business management solution for SMEs, through which it intends to
transition thousands of SMEs to efficiently run their business online and have adequate online
presence via their own website and mobile site. Apart from this, it has also launched JD Pay, a
unique solution for quick digital payments for its users and vendors, and JD Social, its official
social sharing platform to provide curated content on latest happenings to users. The organisation
also aims to make communication between users and businesses seamless through its Real Time
Chat Messenger
 Justdial's Mission
To provide fast, free, reliable and comprehensive information to our users and connect buyers to
sellers.

Corporate Information
 The company's operations began in 1996 with offering local search services under the Justdial
brand, which is now the leading local search engine in India.
 The official website www.justdial.com was launched in 2007.
 Justdial's search services are available to users across multiple platforms such as website, mobile
website, Apps, voice and text (SMS).
 Justdial's search services bridge the gap between users and businesses by helping users find
relevant providers of products and services effortlessly, while helping businesses listed in
Justdial's database to market their offerings.

Justdial Facts

 Justdial Apps are available on Android, iOS, Windows and Blackberry platforms and have
location - based services for mobile internet users.
 Justdial's voice services are available on 8888888888, their operator assisted hot line number,
across India, which is accessible 24 hours a day, 7 days a week with multi-lingual support.
 Justdial has a database of approximately 30.2 million listings as of December 31, 2020.
 It has 132.6 million quarterly unique users across web, mobile, App & voice platforms as of
December 31, 2020.
 Justdial users have contributed 114,475,350 reviews and ratings for various listings, till date.
 Justdial had approximately 453,800 campaigns as of December 31, 2020. Business owners have
the option to list their business on Justdial's database for free.
 With the registered & corporate office based in Mumbai, Justdial also has offices across India in
Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Jaipur, Kolkata
and Pune.

Key Highlights

 Pan India presence: Services offered all over India across 250+ cities.
 First-mover advantage: Being the industry pioneer, Justdial has a robust presence in all cities
and towns of India including deep penetration in Tier II and III cities.
 Advanced and scalable technology platform: A vast range of features for a more engaging user
experience with 23 transaction oriented search plus verticals, JD Social – Justdial's own social
sharing platform, and a Real Time Chat Messenger, on a single platform.
 Large Online community of engaged users: With over 132.6 million users (quarterly average
unique users) as of December 31, 2020, who have contributed to 114,475,350 ratings and
reviews till date. Justdial's online community continues to be more engaged than ever.
 Attractive value proposition for local MSMEs: Justdial's value-added offerings of huge online
visibility, payment solutions, customized website, mobile site and mobile app; all packaged
together, make it an attractive value proposition for MSMEs, several of whom have continuous
associations with Justdial.
 Local Expertise: With a strong and widespread sales force, years of experience and in-depth
local market knowledge, Justdial enjoys significant expertise across all regions of the country.
Besides, Justdial's healthy relations with existing MSMEs enable them to get referrals and repeat
business.
 Long operating history with a proven monetization model.
 Experienced management team
 Literature review

LITERATURE REVIEW

 Nazmun nessa moon(2017)

As we all know, internet and e-commerce are entirely committed towards every developed
country. But we think it can be accomplished and can make a remarkable benefit to
developing countries also if an ideal business purpose can be made. Ohidujja man et.al
clearly discussed that E-commerce is a revolution & turning point in online business
practices and can make a huge contribution to the economy and Hasan also indicated that
currently, e-commerce organizations have increasingly become a fundamental component of
business strategy and a strong catalyst for economic development. A huge amount of
research works has been done on e-Commerce which is basically on online shopping. A large
group of researchers has found out and also pointed out the necessity and possibilities of
Online Shopping. On the other hand, limitation of ecommerce is found and at the same time,
they provided essential suggestion and came to a prediction to make Online Shopping more
useful for the consumers. But the contribution of traditional marketing is also inescapable but
compare to online shopping it is less effective we think. So on this basis, Mehrdad Salehi
found out distinguish between online marketing & traditional marketing. Though most of the
people of Bangladesh especially the rural people are not enough capable of operating internet
to run the online business. For that reason, they need to be dependent on traditional
marketing.

 Khan mashiur rahman(2018)

In this study, a narrative literature review regarding culture and e-commerce website
design has been introduced. Cultural aspect and e-commerce website design will play a
 significant role for successful global e-commerce sites in the future. Future success of
businesses will rely on e-commerce. To compete in the global e-commerce marketplace,
local businesses need to focus on designing culturally friendly e-commerce websites. To
the best of my knowledge, there has been insignificant research conducted on correlations
between culture and e-commerce website design. The research shows that there are
correlations between e-commerce, culture, and website design. The result of the study
indicates that cultural aspects influence e-commerce website design. This study aims to
deliver a reference source for information systems and information technology
researchers interested in culture and e-commerce website design, and will show
lessfocused research areas in addition to future directions.

 Madhurima khosla(2017)

E-commerce is one of the fastest growing segments in the Indian Economy. Though
marked by high growth rate, the Indian e-commerce industry has been behind its
counterparts in many developed and emerging economies, primarily due to a relatively
low internet user base. In a study conducted by global management consultancy firm AT
Kearney in 2015, there were only 39 million online buyers in India; a tiny fraction of the
1.2 billion who live in the country. However, increased technological proliferation
combined with internet and mobile penetration, presents a favorable eco-system for the
development of e-commerce in India. The country is currently at the cusp of a digital
revolution. Launch of 4G services and decline in the tariffs of data plans and prices of
data cards/USB dongles have reduced the cost of ownership of an effective internet
connection. Availability of low cost smart phones and the extension of internet and
broadband to the remotest corners will boost the augmentation of the internet user base,
effectively bridging the gap between potential online buyers and actual buyers. The
demographic dividend of the country also seems to encourage and favor the growth of
ecommerce. The survival of the e-commerce firms in a highly dynamic environment
becomes a challenging task when coupled with the cutthroat competition prevailing in the
 sector. The onus then lies on the firms to constantly adapt and innovate while providing
an information rich and seamless experience to ensure customer loyalty. This study
attempts to explore the evolution of e-commerce in India and identifies various
challenges to as well the factors responsible for the future growth and development of e-
commerce.

 Neha wadhwan(2020)

Practically e-commerce in India started becoming popular when the internet users and
smart phone sales was gaining prominence. But over the years there is no doubt the e-
commerce has become popular among roughly 30% of the population living in the cities
but due to limited scope of product variety and standardization the sale through e-
commerce is not increasing at faster pace. Only limited but branded items are on sale
because of the limitations of selection and reassurance to customers that their buying is
cost saving with apriory condition that after sale service and product quality is guaranteed
by e-commerce. The growth of e-commerce is dependent on factors like the financial
literacy, standard of living, nature of habitation, payment system i.e digital vis-à-vis cash
and more importantly on up-scaling of manufacturing enterprises. It appears that daily
used products are least common in the e-commerce mode and only the most branded and
customized but with standardization are more popular on e-commerce mode.

 Sridhar vaithianathan(2015)
 Firms across the globe have adopted e-commerce (EC) in their operations and have
reaped benefits thereof. While firms in technologically developed countries like US and
UK has deployed EC to its advantage, whereas firms in developing countries like India
failed to follow the suit. Though it has been widely acknowledged by the researchers that
the adoption of EC by businesses in developing countries is an important economic
indicator of growth; many firms in India still have not realized the potential benefits of
EC. This study examines the existing status of EC in India and reviews the available
literature on E-commerce adoption in India and puts forth opportunities for future
research. The study might serve as a starting point for further research in e-commerce in
India.

 E.W.T. Ngai(2002)

In this paper, we present a literature review and classification scheme for electronic
commerce (EC) research. The former consists of 275 journal articles published between
1993 and 1999 in nine journals that are appropriate outlets for EC research. The results
show that an increasing volume of EC research has been conducted for a diverse range of
areas. The articles are classified and results of these are presented, based on a scheme that
consists of four main categories: application areas, technological issues, support and
implementation, and others. A comprehensive list of references is presented. Hopefully,
this review will provide a source for anyone interested in EC research and help simulate
further interest.
 RESEARCH
METHODOLOGY

RESEARCH METHODOLOGY
 Research methodology that was used in gathering the data, analyzing the data and reporting the
results. Here the researcher aimed at explaining the methods and tools used to collect and
analyze data to get proper and maximum information related to the subject under study

Research design is the framework of research methods and techniques chosen by a researcher.
The design allows researchers to hone in on research methods that are suitable for the subject
matter and set up their studies up for success.

The design of a research topic explains the type of research (experimental, survey, correlational,
semi-experimental, review) and also its sub-type (experimental design, research problem,
descriptive case-study).

There are three main types of research design: Data collection, measurement, and analysis.

The type of research problem an organization is facing will determine the research design and
not vice-versa. The design phase of a study determines which tools to use and how they are used.

An impactful research design usually creates a minimum bias in data and increases trust in the
accuracy of collected data. A design that produces the least margin of error in experimental
research is generally considered the desired outcome. The essential elements of the research
design are:

1. Accurate purpose statement

2. Techniques to be implemented for collecting and analyzing research
3. The method applied for analyzing collected details
4. Type of research methodology
5. Probable objections for research
6. Settings for the research study
7. Timeline
8. Measurement of analysis
Proper research design sets your study up for success. Successful research studies provide
insights that are accurate and unbiased. You’ll need to create a survey that meets all of the main
characteristics of a design

 RESEARCH APPROACH
There are two main research approaches, deductive and inductive, that can be adopted to
reach the purpose of a study. A deductive approach is when you identify theories and
ideas using the literature, which you then will test by using data. In short it means testing
theory. Here you usually use quantitative data. An inductive approach is when you intend
to develop theories from analyzing the data you collected. After developing theories you
relate them to the literature. In short it means building theory. With this approach the
need to generalize is not as important as if you use the deductive approach. To be able to
reach the aim with our to use. This mean we started with reviewing literature, to find
relevant factors which were then tested empirically, by collecting quantitative data. Since
our intention was not to create a new theory, the inductive approach was not relevant.

PRIMARY DATA:

These are the data which are collected from some primary sources i.e., a source of origin where
the data generate.

These are collected for the first time by an investigator or an agency for any statistical analysis.

“Data which are gathered originally for a certain purpose are known as primary data.”
SECONDARY DATA

Secondary data refers to data that is collected by someone other than the user. Common sources
of secondary data for social science include censuses, information collected by government
departments, organizational records and data that was originally collected for other research
purposes.

Hence,I have used secondary collection technique in my project.

 Analysis and
interpretation

ANALYSIS AND INTERPRETATION

Just Dial Limited SWOT analysis

The acronym Just Dial Limited SWOT stands for strength, weakness, threats and opportunities.
It is a useful tool that is widely used for strategic planning and management in many
organizations. It is effectively used in building strategies for the organization to maintain its
competitiveness in the market. It is simple yet powerful tool that help the organization in
identifying its existing resources, capabilities, deficiencies, the existing opportunities and threats
prevailing in the market.
It is a strategic planning framework that is commonly used to evaluate the organization, a plan,
business or any other project. It helps in determine the organizational and environmental factors
that could affect the decision to be made. It is carried out to analyze the position of an
organization in in the market compare to its competitors and the major factors that are affecting
the competitiveness before crafting any business strategy.
SWOT analysis mainly have two dimensions internal and external dimensions. Internal
dimension includes all the factors that could affect the organization which is the strength and the
weakness while the external factor includes the environmental factors that is the opportunities
and the threats.

Components of Just Dial Limited SWOT analysis

SWOT analysis is a process that include four areas that are further divided into two dimensions
i.e. internal and external factors. In SWOT analysis the strong and weak aspect of an
organization is determined by evaluating the elements within the environment while the
opportunities and threats of an organization are determined by examining the element outside the
environment. In this way SWOT allows the comparison of organization’s resources and
capabilities with the competitive environment in which it is operating.

Just Dial Limited Strength

Strength is a characteristic that adds value to something by making it more special, unique and
advantageous when compared. In this element of SWOT the abilities and the key properties of
organization are discussed that gives an organization an advantage over other organizations by
making it more competitive. It defines the characteristics and situations of an organization which
makes it more effective and efficient when compare with its competitors.
It defines the areas in which the organization hold a command or is good at doing it and that
provides the organization and important capability. It can be a skill, a resource, image, market
leadership, relation with buyer or supplier or any other advantage relative to its competitors that

fulfill the needs of the market by providing the organization with a comparative advantage .

Just Dial Limited Weakness

Just Dial Limited Weakness refer to the situation in which the existing capabilities and the
resources the company holds are weaker or not sufficient compared to others organizations in the
market. In other words it means the aspects in which the organization is less efficient and needs
to improve in order to align with the market trends. As these aspects negatively affect the overall
performance of the organization by making it weaker compared to its competitors.
These are the factors that an organization lacks and does poorly in comparison to the
organizations operating in the same market at the same level. It is a deficiency or limitation of
resources, capabilities, skills that majorly affect the organizations effective performance.
Management capabilities, Facilities, financial resources, marketing skills and the weak brand
image can be the sources of weakness.

Just Dial Limited Opportunities

Just Dial Limited Opportunity is an advantage and the driving force for an organization. It is the
convenient time or situation that is present in the environment and will help the organization in
achieving its goals. It is a factor that contribute positively towards the growth of the
organization. It is a condition existing in the external environment that allow the organization to
take an advantage of the organizational strengths, and help in overcoming the weaknesses and to
neutralize the threats present in the environment.

Just Dial Limited Threats’

Threats are the factors that prevent the organization from the actualization of an activity. It is an
unfavorable situation that exist in the environment making it difficult for the organization to
achieve its defined goals. It is a situation that arises as a result of the changes that took place in
the immediate or distant environment, preventing the organization from maintaining its existence
and superiority in the growing competition and are disadvantageous for the organization.
All the environmental factors are consider as a threat to an organization that could affect the
efficiency and effectiveness of the organization.

Just Dial Limited PESTLE Analysis

PESTLE analysis is one the significant and widely used tool or framework mostly by
organizationswith the intent of considering the market environment before commencing the
process of marketing. In fact, the analysis of the environment needs to feed all planning aspects
as well as it should be continuous. The internal environment of an organization includes internal
customers or staff, wages, office technology and finance etc. whereas the micro environment
includesthe external customers of an organization, distributors or agents, competitors and
suppliers. Additionally, the macro environment includes legal and political factors, sociocultural

forces, economic forces and technological factors.

The factors or forces are discussed below;

Political forces:

These are the Just Dial Limited forces that tends to be altered by the influence of government on
the infrastructure of country. The political factors may involves environment regulations,
employment laws, tariffs, tax policy, trade restrictions, political stability and reforms. It is
noteworthy, that the charities needs to be included where a government are not willing services
and goods to be provided.

Economic factors:

The Just Dial Limited economic factors or forces involves interest rates, inflation, and growth of
economy, cost of living, working hours, wage rate and exchange rates. Combining these factors,
it last greater and inevitable impact on organization.

Social factors:

The culture or social influence on certain businesses vary from country to country. It is
significant to consider these factors. The social factors includes safety and health consciousness,

various demographics, population growth rates and cultural aspects.

Technological factors:

Notably, Just Dial Limited technology is one of the most important way of being competitive in
the highly competitive market arena. Not only this, it drives globalization, the factors includes
environmental and ecological aspects, and available services as well as products. An
organization should innovate and be compatible with the technologies.

Legal factors:

The Just Dial Limited legal factors involves the certain laws and regulations which might effect
on the business operations of an organization. It also includes impending and current legislation
that tends to impact on the industry in areas including competition, employment, safety and
health. An organization should consider the influence of the national and international laws
where the organization would originate the business operations.

Environmental factors:

The environmental factors include all those factor lasting impact or influence, the surrounding
environment most likely determine environmental factors. The factors involves awareness of the
seasonal or climate change or terrain variation. The analysis of the environment including
internal and external elements is vital for organization since it impacts on the performance of an
organization.

Just Dial Limited VRIO Analysis

The Just Dial Limited VRIO analysis is basically the extension of the Just Dial Limited PESTEL
analysis, which allows the oragnation to understand the resources, competitive edge, value
proposition and its value in the market. The Basic idea of the Just Dial Limited VRIO model is to
analyze the factor that are valuable for the organization. Such may include the supply chain
efficiency, value chain maintenance, technology or other factors, that offer value to the company
and in return allows the organization to offers similar value to the customer.
 In addition, it also analyze the factors that are Rare within the organization. Such analysis of the
compatibilities or capacities is important, as it allows the organization to develop the sustainable
competitive edge over it. The value factor analysis of the organization gives an eye opening view
to the management and also offers the solution on where the organization may build the market
utilizing the area value creation factors
Moreover, it also determines the Imitable factors. These are the factors that are easily imitable by
the organization (other players) and thus needs to be considered. In addition, the imitable factor
also outlines the factors that are inimitable by the other organization. These in-imitable factors
allows the organization to developed the sustained competitive edge in the market and hence
enhances the chances of sustainability ion the long-term.
Lastly, Organization factor includes the resources and functions that are offering certain value to
the company. This determination of organization allow to the company to understand what
additional things or function is required to be in place, or needs to be improvised in t=long term.
All in all, the advantage of using the VRIO analysis is to determine the sustained competitive
edge in the market. Such determination is important for the organization to expand in the market
and continue its operations with sound profitability. In addition, it offers clear view what are the
factors that are valuable and inimitable o can be easily imitated in the long-term, thus preparing
the organization to either use the valuable factor to delight the customer and develop a sustained
competitive edge, or enhance its value and oragnation strengths to develop a strong competitive
edge in the market, which is important to develop and maintain in order for the organization to
remain profitable and allow the maintenance of market share in the long-term

Just Dial Limited Porter’s Five Forces

Just Dial Limited Porter five forces reflects the competitive environment of an industry. It is a
strategic tool that is used to avoid or minimize the risk of losing the competitive edge that the
organization has and to ensure the profitability of the products in the long run. The company
holds its vision closely as it allows them to orientate its innovation in terms of choices regarding
the investment and strategies. Within the industry the businesses profitability is dependent upon
the following forces:
 Competitive rivalry
 Threats of new entrants
 Threats of substitute
 Bargaining power of suppliers
 Bargaining power of customers

Structure of porter’s five forces analysis

Just Dial Limited Competitive rivalry

The competition among the firms help in identifying the lucrativeness of an industry where
companies are competing hard in order to maintain their power within the industry. The Just Dial
Limited competition is moreover on basis of diversity, the development within the sector and the
barriers related to entrance in the market. The competitive rivalry is the analysis of the brands
and the product, its strengths and weakness along with the strategies, competitors and the share
in the market.

Threat of new Just Dial Limited entrants

It is in the favor of the companies that exist in the market to create barriers for the new entrants
to prevent them from entering into the industry. The organizations could be the new companies
or the companies that are planning to diversify itself in the market. The barriers can be both
industrial and legal. Apart from this the size and the reputation of the companies that are already
operating in the market also play an important. Furthermore the cost related to the entry, access
to raw materials, barriers related to culture and technical standards also play a major role and can

affect the decision of the new entrants in the market.

Threat of substitute products

The Just Dial Limited substitute products are an alternatives that are available in the market at
comparatively better prices. Such products prevail due to the technological and innovative
advancement. Due to which the products being produced by the companies that are already
existing in the market and is using the same technology are than replaced by the other company’s
products that are comparatively better in terms of price and quality and are being produced from
 sectors with significant profits. The substitute products are dangerous as the companies are under
constant threat of being replaced.
High threat of substitute leads to low profitability as it limits the industry profits by placing a
price ceiling due to the fear of being substituted by other product. Apart from this it also affect
the growth potentials of the industry as a whole but reducing the profitability margins.

Bargaining power of suppliers Just Dial Limited

Powerful suppliers possess more power to capture significant value for themselves by demanding
high prices while limiting the quality and the quantity of the product or services or by
transferring the cost on the participant of the industry. Many condition imposed by the suppliers
generally include the increase in price while compromising the quality and quantity.

A bargaining power of a supplier in the market is strong if:

 It is more concentrated than the industry it is selling to.

 It is not heavily relying on the industry for its profits

 If the participants in the industry have to incur high cost for switching suppliers or the firms are

located adjacent to the suppliers manufacturing facilities.

 The product being offered by the suppliers are highly differentiated.

 And when there is no close substitute available for the products being supplied by the suppliers.

Just Dial Limited Bargaining power of customers

The buyers having strong bargaining power can highly influence the profitability of the suppliers
operating in the market by imposing condition that are not much favorable for the suppliers in
terms of price, quality or service. Therefore choosing clients often become crucial for the
 organizations as to avoid the situation of being highly depended on the buyers. The level of
interest and concentration of buyers toward the product gives them more or less power.
Powerful buyers could flip the side of the powerful supplies by forcing the prices to move
downwards and by demanding high quality and services by creating a competition between the
participants in the industry on the basis of price and quantity. Just Dial Limited Customer are
deemed strong if they contain negotiating leverage specifically if the industry is sensitive to
price, the buyers can pressure suppliers for further price reductions

.
The customer are assumed to have strong buying power in case:

 If the number of buyer are limited or each of the buyer purchases large quantity relative to the

size of the suppliers.

 The products in the industry are standardized or are undifferentiated.

 The cost of switching is comparatively low.

KEY FINANCIAL MAR MAR MAR MAR MAR

RATIOS OF 20 19 18 17 16
JUST DIAL (in
Rs. Cr.)

PER SHARE
RATIOS

Basic EPS (Rs.) 42.00 30.95 20.97 17.46 20.12

Diluted EPS (Rs.) 41.81 30.88 20.95 17.35 19.95

Cash EPS (Rs.) 49.97 37.13 26.65 23.22 24.89

Book Value 198.3 154.2 145.3 130.1 96.65

[ExclRevalReserv 5 0 0 7
e]/Share (Rs.)

Book Value 198.3 154.2 145.3 130.1 96.65

[InclRevalReserv 5 0 0 7
e]/Share (Rs.)

Dividend / 0.00 0.00 0.00 0.00 0.00

Share(Rs.)

Revenue from 150.4 141.4 119.4 103.3 99.44

Operations/Share 0 8 5 4
(Rs.)

PBDIT/Share 63.57 49.71 34.17 28.27 32.97

(Rs.)

PBIT/Share (Rs.) 55.55 44.51 28.77 22.50 28.49

PBT/Share (Rs.) 54.18 44.49 28.77 22.50 28.49

Net Profit/Share 41.95 31.93 21.25 17.45 20.41
(Rs.)

PROFITABILITY
RATIOS

PBDIT Margin 42.26 35.13 28.60 27.36 33.15

(%)

PBIT Margin (%) 36.93 31.46 24.08 21.77 28.65

PBT Margin (%) 36.02 31.44 24.08 21.77 28.65

Net Profit Margin 27.89 22.57 17.78 16.88 20.52

(%)

Return on 21.15 20.70 14.62 13.40 21.11

Networth / Equity
(%)

Return on Capital 25.67 27.40 19.42 17.09 20.97

Employed (%)

Return on Assets 14.86 13.34 10.15 9.58 14.80

(%)
Total Debt/Equity 0.00 0.00 0.00 0.00 0.00
(X)

Asset Turnover 53.28 59.14 57.07 56.77 72.14

Ratio (%)

LIQUIDITY
RATIOS

Current Ratio (X) 0.25 0.25 0.25 0.40 2.68

Quick Ratio (X) 0.25 0.25 0.25 0.40 2.68

Inventory 0.00 0.00 0.00 0.00 0.00

Turnover Ratio
(X)

Dividend Payout 0.00 0.00 0.00 0.00 0.00

Ratio (NP) (%)

Dividend Payout 0.00 0.00 0.00 0.00 0.00

Ratio (CP) (%)

Earnings 0.00 0.00 0.00 0.00 0.00

Retention Ratio
(%)
Cash Earnings 0.00 0.00 0.00 0.00 0.00
Retention Ratio
(%)

VALUATION
RATIOS

Enterprise Value 1,864 3,873 2,924 3,617 5,226

(Cr.) .39 .65 .84 .45 .57

EV/Net Operating 1.91 4.23 3.63 5.03 7.57

Revenue (X)

EV/EBITDA (X) 4.52 12.03 12.70 18.40 22.82

MarketCap/Net 1.95 4.27 3.70 5.11 7.61

Operating
Revenue (X)

Retention Ratios 0.00 0.00 0.00 0.00 0.00

(%)

Price/BV (X) 1.48 3.92 3.05 4.05 7.83

Price/Net 1.95 4.27 3.70 5.11 7.61

Operating
Revenue
Earnings Yield 0.14 0.05 0.05 0.03 0.03

 PE ratio: - Price to Earnings' ratio, which indicates for every rupee of earnings how
much an investor is willing to pay for a share. A general rule of thumb is that shares
trading at a low P/E are undervalued (it depends on other factors too). Just Dial has a PE
ratio of 19.81 which is high and comparatively overvalued .

 Return on Assets (ROA): - Return on Assets measures how effectively a company can
earn a return on its investment in assets. In other words, ROA shows how efficiently a
company can convert the money used to purchase assets into net income or profits. Just
Dial has ROA of 14.81 % which is a good sign for future performance. (higher values are
always desirable)

 Current ratio: - The current ratio measures a company's ability to pay its short-term
liabilities with its short-term assets. A higher current ratio is desirable so that the
company could be stable to unexpected bumps in business and economy. Just Dial has a
Current ratio of 0.25 .

 Return on equity: - ROE measures the ability of a firm to generate profits from its
shareholders investments in the company. In other words, the return on equity ratio
shows how much profit each rupee of common stockholders’ equity generates. Just Dial
has a ROE of 21.15 % .(higher is better)
 Debt to equity ratio: - It is a good metric to check out the capital structure along with its
performance. Just Dial has a D/E ratio of 0 which means that the company has low
proportion of debt in its capital.

 Inventory turnover ratio: - Inventory Turnover ratio is an activity ratio and is a tool to
evaluate the liquidity of a company's inventory. It measures how many times a company
has sold and replaced its inventory during a certain period of time. Just Dial has an
Inventory turnover ratio of 0 which shows that the management is inefficient in relation
to its Inventory and working capital management.

 Sales growth: - Just Dial has reported revenue growth of 6.91 % which is poor in relation
to its growth and performance.

 Operating Margin: - This will tell you about the operational efficiency of the company.
The operating margin of Just Dial for the current financial year is 28.63 %.

 Dividend Yield: - It tells us how much dividend we will receive in relation to the price of
the stock. The current year dividend for Just Dial is Rs 0 and the yield is 0 %.
Findings

Findings
 Price to Earnings' ratio, which indicates for every rupee of earnings how much an
investor is willing to pay for a share. A general rule of thumb is that shares trading at a
low P/E are undervalued (it depends on other factors too). Just Dial has a PE ratio
of 19.81 which is high and comparatively overvalued .

 Return on Assets measures how effectively a company can earn a return on its
investment in assets. In other words, ROA shows how efficiently a company can convert
the money used to purchase assets into net income or profits. Just Dial has ROA
of 14.81 % which is a good sign for future performance. (higher values are always
desirable)

 The current ratio measures a company's ability to pay its short-term liabilities with its
short-term assets. A higher current ratio is desirable so that the company could be stable
to unexpected bumps in business and economy. Just Dial has a Current ratio of 0.25 .

 ROE measures the ability of a firm to generate profits from its shareholders investments
in the company. In other words, the return on equity ratio shows how much profit each
rupee of common stockholders’ equity generates. Just Dial has a ROE of 21.15 % .
(higher is better)

 It is a good metric to check out the capital structure along with its performance. Just Dial
has a D/E ratio of 0 which means that the company has low proportion of debt in its
capital.
 Inventory Turnover ratio is an activity ratio and is a tool to evaluate the liquidity of a
company's inventory. It measures how many times a company has sold and replaced its
inventory during a certain period of time. Just Dial has an Inventory turnover ratio of 0
which shows that the management is inefficient in relation to its Inventory and working
capital management.

 Just Dial has reported revenue growth of 6.91 % which is poor in relation to its growth
and performance.

 This will tell you about the operational efficiency of the company. The operating margin
of Just Dial for the current financial year is 28.63 %.

 It tells us how much dividend we will receive in relation to the price of the
stock. The current year dividend for Just Dial is Rs 0 and the yield is 0 %.
 Importance of the
study

Importance of the study

The importance of my project topic “ A critical study on the development of e-commerce with
special reference to justdail Ltd”
Is that this report shall throw the light upon various models of E-commerce of in today’s world.

After studying the topic I will be able to enhance my knowledge in the field

of e-commerce and to analyse how justdial works .

This study shall also be helpful to give guidelines to give benefit to other student in the
electronic commerce field.

This study will help to develop the guidance program in line with individual needs and abilities
of the students.
 conclusion

conclusion
In general, today’s businesses must always strive to create the next best thing that consumers will
want because consumers continue to desire their products, services etc. to continuously be better,
faster, and cheaper. In this world of new technology, businesses need to accommodate to the
new types of consumer needs and trends because it will prove to be vital to their business’
success and survival. E-commerce is continuously progressing and is becoming more and more
important to businesses as technology continues to advance and is something that should be
taken advantage of and implemented.

From the inception of the Internet and e-commerce, the possibilities have become endless for
both businesses and consumers. Creating more opportunities for profit and advancements for
businesses, while creating more options for consumers. However, just like anything else, e-
commerce has its disadvantages including consumer uncertainties, but nothing that can not
be resolved or avoided by good decision-making and business practices.

There are several factors and variables that need to be considered and decided upon when
starting an e-commerce business. Some of these include: types of e-commerce, marketing
strategies, and countless more. If the correct methods and practices are followed, a business will
prosper in an e-commerce setting with much success and profitability.
RECOMMENDATIO
NS

RECOMMENDATIONS
Once the options are developed and evaluated, the recommendation is made, on the basis of the
best suited option that offers the maximum value to the company and address the problem
succinctly. The recommendation is mad in away, that not only offers the solution the problem,
but also depicts the implementation process and the course of action that the organization needs
to take in order to be successful.
A strong Just Dial Limited recommendation must cover the key areas as how the organization
will implement the alternatives, what benefits will it receive if it implement the when alternatives
and what could be the cost, that he organization will need to overcome or address, in order to
effectively implement the alternatives.
In addition to this, once the alternative is selected, the recommendation needs to entail what
change it will bring to the organization like the 20 % increase in the Just Dial Limited sales or
profits or the sustainability or increases in market share. These factors are important to be
mentioned in the recommendation, in order to make itr strong and firm and allow the
stakeholders/reader to connect the problem and solution, leading to better understanding.
Moreover, the recommendation also needs to entail the plan B, that if for instance the results are
not generated as per the plan, the second set of recommendation must be incorporated in the
plan, in order to allow the organization to quickly shift to the plan B, in order to avoid the losses
and sustain the presence of the company in the market.
Lastly, under the recommendation, it is important to incorporate the finding from the past, so to
make the given Solution more acceptable. A good recommendation is that, incorporates the
findings from the past. This is important, as it allows the reader and stakeholders to understand
the proven facts, and the pasts results such recommendation has harvested, leading to more
acceptability and also the determination of the plan that may be in need to be adopted so to
avoid the delays and resistance in the organization, while implementing the change.
Infact, the set of recommendation offered should also have a contingency plan, and the other
course of action for plan A and B both. This makes recommendation more firma and acceptable.
All in all, the recommendation include, what, why, how and whom factors. Thus is important as
to allow the organization. Shareholders to clearly understand what is required to done, how it is
required to do, who are the key player and how it will be implemented. In addition time required
has to be mentioned. This allows the stakeholder to understand and determine the time and
resources required to implement the plan effectively
LIMITATIONS
of the study

LIMITATIONS OF THE STUDY

This report had to work under several constraints and limitations. Some of the key limitations

are:-

 Convenient sampling was used as the mode of conducting the research.

 All the data is collected from secondary sources.

 The study is based only on the past records.

 The study was limited to only five years financial data..

 The short span of the time provided also one of the limitations
BIBLIOGRAPH
Y
 biblioghraphy
www.moneycontrol.com

www.researchgate.net

www.wikipedia.com

www.justdial.com

www.emerald.com

www.globaljournals.com

www.ticker.finology.in
Annexure
 Annexure

PROFIT AND LOSS STATEMENT:-

PROFIT & MAR MAR MAR MAR MAR

LOSS 20 19 18 17 16
ACCOUNT OF
JUST DIAL (in
Rs. Cr.)

12 12 12 12 12
mths mths mths mths mths

INCOME

REVENUE 976.23 916.2 804.9 709.8 678.2

FROM 1 6 1 8
OPERATIONS
[GROSS]

Less: 0.00 0.00 0.00 0.00 0.00

Excise/Sevice
Tax/Other
Levies

REVENUE 976.23 916.2 804.9 709.8 678.2

FROM 1 6 1 8
OPERATIONS
[NET]

TOTAL 976.23 916.2 804.9 718.6 690.8

OPERATING 1 6 1 3
REVENUES

Other Income 116.59 68.25 42.67 87.06 58.49

TOTAL 1,092.8 984.4 847.6 805.6 749.3

REVENUE 2 6 3 7 2

EXPENSES

Cost Of 0.00 0.00 0.00 0.00 0.00

Materials
Consumed

Operating And 0.00 0.00 0.00 0.00 0.00

Direct Expenses

Changes In 0.00 0.00 0.00 0.00 0.00

Inventories Of
FG,WIP And
Stock-In Trade
Employee 532.94 497.1 441.5 440.8 377.4
Benefit 4 8 8 1
Expenses

Finance Costs 8.91 0.13 0.00 0.00 0.00

Depreciation 52.07 33.65 36.42 40.14 31.10

And
Amortisation
Expenses

Other Expenses 147.25 165.4 175.7 168.1 142.8

3 7 7 8

TOTAL 741.17 696.3 653.7 649.1 551.3

EXPENSES 5 7 9 9

PROFIT/LOSS 351.65 288.1 193.8 156.4 197.9

BEFORE 1 6 8 3
EXCEPTIONAL,
EXTRAORDINA
RY ITEMS AND
TAX

Exceptional 0.00 0.00 0.00 0.00 0.00

Items

PROFIT/LOSS 351.65 288.1 193.8 156.4 197.9

BEFORE TAX 1 6 8 3

TAX
EXPENSES-
CONTINUED
OPERATIONS

Current Tax 64.88 59.89 39.78 32.58 54.51

Less: MAT 0.00 0.00 0.00 0.00 0.00

Credit
Entitlement

Deferred Tax 14.46 21.42 10.90 2.56 1.62

Tax For Earlier 0.00 0.00 0.00 0.00 0.00

Years

TOTAL TAX 79.34 81.31 50.68 35.14 56.13

EXPENSES

PROFIT/LOSS 272.31 206.8 143.1 121.3 141.8

AFTER TAX 0 8 4 0
AND BEFORE
EXTRAORDINA
RY ITEMS
PROFIT/LOSS 272.31 206.8 143.1 121.3 141.8
FROM 0 8 4 0
CONTINUING
OPERATIONS

PROFIT/LOSS 272.31 206.8 143.1 121.3 141.8

FOR THE 0 8 4 0
PERIOD

OTHER
ADDITIONAL
INFORMATION

EARNINGS
PER SHARE

Basic EPS (Rs.) 42.00 30.95 20.97 17.46 20.12

Diluted EPS 41.81 30.88 20.95 17.35 19.95

(Rs.)

VALUE OF
IMPORTED
AND
INDIGENIOUS
RAW
MATERIALS
STORES,
SPARES AND
LOOSE TOOLS

Imported Raw 0.00 0.00 0.00 0.00 0.00

Materials

Indigenous Raw 0.00 0.00 0.00 0.00 0.00

Materials

STORES,
SPARES AND
LOOSE TOOLS

Imported Stores 0.00 0.00 0.00 0.00 0.00

And Spares

Indigenous 0.00 0.00 0.00 0.00 0.00

Stores And
Spares

DIVIDEND AND
DIVIDEND
PERCENTAGE

Equity Share 0.00 0.00 0.00 0.00 0.00

Dividend

Tax On Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 0.00 0.00 0.00 0.00 0.00
Rate (%)

BALANCE SHEET:-

BALANCE MAR MAR MAR MAR MA

SHEET OF 20 19 18 17 R 16
JUST
DIAL (in Rs.
Cr.)

12 12 12 12 12
mths mths mths mths mths

EQUITIES
AND
LIABILITIES

SHAREHOLD
ER'S FUNDS

Equity Share 64.91 64.76 67.39 69.54 69.4

Capital 7

TOTAL 64.91 64.76 67.39 69.54 69.4

SHARE 7
CAPITAL

Reserves and 1,173. 887.9 911.8 835.6 602.

Surplus 55 6 1 4 01

TOTAL 1,173. 887.9 911.8 835.6 602.

RESERVES 55 6 1 4 01
AND
SURPLUS

TOTAL 1,287. 998.6 979.2 905.1 671.

SHAREHOLD 47 3 0 8 48
ERS FUNDS
NON-
CURRENT
LIABILITIES

Long Term 0.00 2.76 0.00 0.00 0.00

Borrowings

Deferred Tax 30.37 17.28 0.00 0.00 0.00

Liabilities
[Net]

Other Long 86.35 33.26 18.68 10.04 4.56

Term
Liabilities

Long Term 0.00 0.00 0.00 0.00 0.00

Provisions

TOTAL NON- 116.7 53.30 18.68 10.04 4.56

CURRENT 2
LIABILITIES

CURRENT
LIABILITIES
Short Term 0.00 1.44 0.00 0.00 0.00
Borrowings

Trade 24.75 30.13 21.56 13.71 19.6

Payables 3

Other Current 403.1 465.5 390.9 336.7 256.

Liabilities 2 9 2 2 83

Short Term 0.00 0.00 0.00 0.00 5.05

Provisions

TOTAL 427.8 497.1 412.4 350.4 281.

CURRENT 7 6 8 3 52
LIABILITIES

TOTAL 1,832. 1,549. 1,410. 1,265. 957.

CAPITAL 06 09 36 65 56
AND
LIABILITIES

ASSETS

NON-
CURRENT
ASSETS

Tangible 62.55 124.1 146.0 152.2 134.

Assets 1 2 1 33

Intangible 1.16 2.04 2.88 3.86 4.49

Assets

Capital Work- 0.00 5.94 0.00 8.59 0.00

In-Progress

Other Assets 0.00 0.00 0.00 0.00 0.00

FIXED 63.71 132.0 148.9 164.6 138.

ASSETS 9 0 6 82

Non-Current 1,535. 1,269. 1,120. 909.9 0.45

Investments 98 65 90 7

Deferred Tax 0.00 0.00 12.42 23.94 0.73

Assets [Net]

Long Term 11.87 12.69 11.84 12.13 62.6

Loans And 9
Advances

Other Non- 114.9 9.76 11.85 14.94 0.00

Current 8
Assets

TOTAL NON- 1,726. 1,424. 1,305. 1,125. 202.

CURRENT 54 19 91 64 69
ASSETS

CURRENT
ASSETS

Current 16.72 21.43 22.19 54.73 703.

Investments 06

Inventories 0.00 0.00 0.00 0.00 0.00

Trade 0.00 0.00 0.00 0.00 0.13

Receivables

Cash And 39.10 40.44 57.50 52.52 33.6

Cash 2
Equivalents
Short Term 2.71 1.54 2.44 3.44 15.7
Loans And 6
Advances

OtherCurrent 46.99 61.49 22.32 29.32 2.29

Assets

TOTAL 105.5 124.9 104.4 140.0 754.

CURRENT 2 0 5 1 87
ASSETS

TOTAL 1,832. 1,549. 1,410. 1,265. 957.

ASSETS 06 09 36 65 56

OTHER
ADDITIONAL
INFORMATIO
N

CONTINGEN
T
LIABILITIES,
COMMITMEN
TS

Contingent 13.07 11.22 4.86 129.0 22.2

Liabilities 7 2

CIF VALUE
OF IMPORTS

Raw Materials 0.00 0.00 0.00 0.00 0.00

Stores, 0.00 0.00 0.00 0.00 0.00

Spares And
Loose Tools

Trade/Other 0.00 0.00 0.00 0.00 0.00

Goods

Capital Goods 0.00 0.00 0.00 0.00 0.00

EXPENDITUR
E IN
FOREIGN
EXCHANGE

Expenditure In 2.18 2.30 2.53 5.79 7.53

Foreign
Currency
REMITTANC
ES IN
FOREIGN
CURRENCIE
S FOR
DIVIDENDS

Dividend -- -- -- -- 0.11
Remittance In
Foreign
Currency

EARNINGS
IN FOREIGN
EXCHANGE

FOB Value Of -- -- -- -- --
Goods

Other -- -- -- -- --
Earnings

BONUS
DETAILS

Bonus Equity -- -- -- -- --
Share Capital

NON-
CURRENT
INVESTMENT
S

Non-Current -- -- 318.0 -- --
Investments 6
Quoted
Market Value

Non-Current 64.82 957.8 801.9 590.1 0.45

Investments 0 4 8
Unquoted
Book Value

CURRENT
INVESTMENT
S

Current -- -- -- -- 220.
Investments 36
Quoted
Market Value
Current 16.72 21.43 22.19 54.73 487.
Investments 80
Unquoted
Book Value

CASH FLOW STATEMENT:-

Mar'2 Mar'1 Mar'1 Mar'1 Mar'1

Particulars 0 9 8 7 6

Profit Before Tax 351.65 288.11 193.86 156.48 197.93

Net Cash Flow

from Operating
Activity 152.56 276.23 226.14 136.20 .00

Net Cash Used in - - -

Investing Activity 126.90 -76.59 137.00 117.83 .00

Net Cash Used in -

Financing Activity -27.00 216.62 -84.20 .52 .00

Net Inc/Dec In -1.34 -16.98 4.94 18.89 -8.44

Cash and Cash
Equivalent

Cash and Cash

Equivalent -
Beginning of the
Year 40.41 57.39 52.45 33.56 42.00

Cash and Cash

Equivalent - End of
the Year 39.07 40.41 57.39 52.45 33.56
Rs (in Crores)

KEY FINANCIAL MAR MAR MAR MAR MAR

RATIOS OF JUST 20 19 18 17 16
DIAL (in Rs. Cr.)

PER SHARE
RATIOS

Basic EPS (Rs.) 42.00 30.95 20.97 17.46 20.12

Diluted EPS (Rs.) 41.81 30.88 20.95 17.35 19.95

Cash EPS (Rs.) 49.97 37.13 26.65 23.22 24.89

Book Value 198.3 154.2 145.3 130.1 96.65
[ExclRevalReserve 5 0 0 7
]/Share (Rs.)

Book Value 198.3 154.2 145.3 130.1 96.65

[InclRevalReserve] 5 0 0 7
/Share (Rs.)

Dividend / 0.00 0.00 0.00 0.00 0.00

Share(Rs.)

Revenue from 150.4 141.4 119.4 103.3 99.44

Operations/Share 0 8 5 4
(Rs.)

PBDIT/Share (Rs.) 63.57 49.71 34.17 28.27 32.97

PBIT/Share (Rs.) 55.55 44.51 28.77 22.50 28.49

PBT/Share (Rs.) 54.18 44.49 28.77 22.50 28.49

Net Profit/Share 41.95 31.93 21.25 17.45 20.41

(Rs.)

PROFITABILITY
RATIOS
PBDIT Margin (%) 42.26 35.13 28.60 27.36 33.15

PBIT Margin (%) 36.93 31.46 24.08 21.77 28.65

PBT Margin (%) 36.02 31.44 24.08 21.77 28.65

Net Profit Margin 27.89 22.57 17.78 16.88 20.52

(%)

Return on 21.15 20.70 14.62 13.40 21.11

Networth / Equity
(%)

Return on Capital 25.67 27.40 19.42 17.09 20.97

Employed (%)

Return on Assets 14.86 13.34 10.15 9.58 14.80

(%)

Total Debt/Equity 0.00 0.00 0.00 0.00 0.00

(X)

Asset Turnover 53.28 59.14 57.07 56.77 72.14

Ratio (%)

LIQUIDITY
RATIOS
Current Ratio (X) 0.25 0.25 0.25 0.40 2.68

Quick Ratio (X) 0.25 0.25 0.25 0.40 2.68

Inventory Turnover 0.00 0.00 0.00 0.00 0.00

Ratio (X)

Dividend Payout 0.00 0.00 0.00 0.00 0.00

Ratio (NP) (%)

Dividend Payout 0.00 0.00 0.00 0.00 0.00

Ratio (CP) (%)

Earnings Retention 0.00 0.00 0.00 0.00 0.00

Ratio (%)

Cash Earnings 0.00 0.00 0.00 0.00 0.00

Retention Ratio
(%)

VALUATION
RATIOS

Enterprise Value 1,864. 3,873. 2,924. 3,617. 5,226.

(Cr.) 39 65 84 45 57

EV/Net Operating 1.91 4.23 3.63 5.03 7.57

Revenue (X)

EV/EBITDA (X) 4.52 12.03 12.70 18.40 22.82

MarketCap/Net 1.95 4.27 3.70 5.11 7.61

Operating
Revenue (X)

Retention Ratios 0.00 0.00 0.00 0.00 0.00

(%)

Price/BV (X) 1.48 3.92 3.05 4.05 7.83

Price/Net 1.95 4.27 3.70 5.11 7.61

Operating
Revenue

Earnings Yield 0.14 0.05 0.05 0.03 0.03