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  4. IndiaMart Intermesh rises over 9% on 17% YoY rise in Q4 revenue, nearly ₹100-crore profit

IndiaMart Intermesh rises over 9% on 17% YoY rise in Q4 revenue, nearly ₹100-crore profit

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3 min read • Updated: May 2, 2024, 2:25 PM

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Summary

IndiaMart Intermesh Ltd witnessed a significant surge in its stock price, climbing over 9% following the release of its robust financial results for the fourth quarter of the fiscal year 2023-24 (Q4FY24). The company reported a notable growth in both revenue and net profit compared to the same period last year.

IndiaMart Intermesh shares rally over 9% on strong Q4 results.
IndiaMart Intermesh shares rally over 9% on strong Q4 results.

Shares of India's largest online B2B marketplace for business products and services IndiaMart Intermesh Ltd surged more than 9% on Thursday, May 2, after the company reported strong growth in revenue and net profit for the March quarter (Q4FY24).

IndiaMart Intermesh shares surged as much as 9.64% to an intraday high of ₹2,908 apiece on the NSE a day after the company released its earnings report for the quarter and financial year ended March 2024. However, the stock pared early gains to trade at ₹2854 apiece, up 7.9%, at 2:00 pm.

The stock has rebounded around 20% from its 52-week low levels hit in January 2024. The stock hit a year low of ₹2,393.35 per share on January 18, 2024. IndiaMart shares are still down by 13% from the last 52-week high level of ₹3,335.55 apiece hit in July 2023.

IndiaMart posts 17% rise in revenue from operations

IndiaMart reported consolidated revenue from operations of ₹315 crore for the March quarter of FY24 compared to ₹269 crore in the corresponding quarter of last year, up by 17% year-on-year.

Collections from customers rose 16% to ₹484 crore for the March quarter, while the standalone collections contributed ₹465 crore and Busy Infotech added ₹18 crore collections.

Deferred Revenue as of March 31, 2024, increased to ₹1,440 crore, representing a YoY growth of 24%.

Standalone EBITDA (earnings before interest, tax, depreciation and amortisation) stood at ₹90 crore, representing an EBITDA margin of 30%, IndiaMart said in a filing to the stock exchanges on May 1.

The company’s net profit for the quarter stood at ₹99.6 crore, 79% higher than ₹55.8 crore reported in the same period last fiscal.

IndiaMART registered unique business enquiries of 24 million in the March quarter of FY24, up by 14%. Supplier storefronts grew to 7.9 million, an increase of 5% YoY, and paying suppliers grew to 2.14 lakh representing net addition of 3,000 subscribers during the quarter.

For the full fiscal, IndiaMart reported a 21% growth in consolidated revenue from operations at ₹ 1,197 crore compared to the year-ago period.

IndiaMart CEO Dinesh Agarwal said, “We have closed the financial year with a steady growth in revenue, deferred revenue, profits and cash flows.

“We remain confident of sustained profitable growth amidst rising internet adoption amongst businesses,” he added.

India Mart announces ₹20 per share final dividend

The board of directors of the company also recommended a final dividend of ₹20 per share for FY 2023-24.