Net Profit for the quarter was at Rs. 82 Crore representing margin of 24% caption Dinesh Agarwal, Chief Executive Officer, IndiaMART
brief Net Profit for the quarter was at Rs. 82 Crore representing margin of 24%
caption Dinesh Agarwal, Chief Executive Officer, IndiaMART
keywords IndiaMART, Revenue, Busy Infotech, Net Profit, Dinesh Agarwal
SEO: IndiaMART reported consolidated Revenue from Operations of Rs. 305 Crore as compared to Rs. 251 Crore in the corresponding quarter of last year, with a growth of 21%
FinTech BizNews Service
Mumbai, January 22, 2024: IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the third quarter ending December 31, 2023.
IndiaMART reported consolidated Revenue from Operations of Rs. 305 Crore as compared to Rs. 251 Crore in the corresponding quarter of last year, representing a growth of 21%. This includes IndiaMART Standalone Revenue of Rs. 291 Crore and Busy Infotech Revenue of Rs 13 Crore, registering a growth of 21% and 26% respectively on YoY basis.
Collections from Customer grew to Rs. 332 Crore for the quarter and Deferred Revenue as on December 31, 2023 increased to Rs. 1,270 Crore representing a YoY growth of 25%.
Net Profit for the quarter was at Rs. 82 Crore representing margin of 24%.
Cash Flow from Operations for the quarter was at Rs. 106 Crore. Cash and Investments balance stood at Rs. 2,039 Crore as on December 31, 2023.
Standalone Financial Highlights (Q3 FY2024):
Standalone Revenue from Operations of IndiaMART grew to Rs. 291 Crore as compared to Rs. 240 Crore last year representing a growth of 21%. The growth was primarily driven by improvement in realization from existing customers and 9% increase in number of paying subscription suppliers.
Collections from Customer grew to Rs. 316 Crore for the quarter and Deferred Revenue as on December 31, 2023 increased to Rs. 1,229 Crore representing a YoY growth of 24%.
EBITDA for the quarter was at Rs. 87 Crore representing EBITDA margin of 30%.
Net Profit for the quarter was at Rs. 92 Crore representing margin of 28%.
Operational Highlights (Q3 FY2024):
IndiaMART registered traffic of 272 million and Unique business enquiries of 23 million in Q3 FY24; representing a YoY growth of 9% and 4% respectively. Supplier Storefronts grew to 7.8 million, an increase of 5% YoY and paying subscription suppliers grew to 212K representing net addition of 1,826 subscribers during the quarter.
Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, said:
We are pleased to report modest growth in revenue, deferred revenue, and healthy operating margins in the third quarter. We continue to focus on enhancing customer experience on our platform and drive deeper penetration of paying customers across cities, enabling businesses to grow online. We remain confident of sustained profitable growth and cash flows as we leverage market opportunities amidst increasing digital adoption by businesses.
Q3 FY2024 Performance Metrics: Standalone Basis
Particulars | Unit | Q3 FY24 | Q3 FY23 | Y-o-Y | Q2 FY24 | Q-o-Q |
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Total Income | (Rs. Crore) | 330 | 287 | 15% | 313 | 5% |
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Revenue from Operations | (Rs. Crore) | 291 | 240 | 21% | 281 | 4% |
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EBITDA | (Rs. Crore) | 87 | 70 | 25% | 81 | 8% |
EBITDA Margin | % | 30% | 29% |
| 29% |
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Other Income | (Rs. Crore) | 39 | 47 | -18% | 32 | 19% |
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Profit Before Tax | (Rs. Crore) | 119 | 110 | 8% | 107 | 12% |
Profit Before Tax Margin | % | 36% | 38% |
| 34% |
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Net Profit for the period | (Rs. Crore) | 92 | 82 | 12% | 83 | 11% |
Net Profit Margin | % | 28% | 28% |
| 26% |
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Collections from Customers
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| 316 | 273 | 16% | 321 | -2% |
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Cash flow from Operations
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| 105 | 114 | -7% | 101 | 4% |
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Deferred Revenue
| (Rs. Crore)
| 1,229 | 991 | 24% | 1205 | 2% |
Cash and Investments
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| 1,890 | 1,980 | -5% | 1,766 | 7% |
Paying Subscription Suppliers | (In Thousands) | 212 | 194 | 9% | 210 | 1% |
Unique Business Enquiries | (In Million) | 23 | 22 | 4% | 24 | -6% |
About IndiaMART:
IndiaMART is India's largest online B2B marketplace for business products and services. IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions. IndiaMART provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.
