Financial Highlights (Q1 FY2024):
IndiaMART reported consolidated Revenue from Operations of Rs. 282 Crore in Q1 FY24, a growth of 26% YoY primarily driven by a 16% increase in the number of paying subscription suppliers. Standalone Revenue from Operations of IndiaMART and Busy Infotech stood at Rs. 268 Crore and Rs. 13 Crore in Q1 FY24 representing a YoY growth of 25% and 26% respectively. Consolidated Deferred Revenue increased by 25% YoY to Rs. 1,202 Crore as on June 30, 2023.
The Company continued making growth investments in manpower, product and technology, sales, and service resulting in growth in revenue and paying subscription suppliers. As a result, Standalone EBITDA stood at Rs. 76 Crore for Q1 FY24 representing an EBITDA margin of 28%. Consolidated EBITDA stood at Rs. 77 Crore for Q1 FY24 representing an EBITDA margin of 27%.
The Other Income increased to Rs. 57 crores primarily due to fair value gain on treasury investments. Consolidated Net Profit for this quarter was Rs. 83 Crore representing a margin of 25%.
Consolidated Cash Flow from Operations for the quarter was at Rs. 91 Crore. Cash and Investments balance stood at Rs. 2,394 Crore as on June 30, 2023.
Operational Highlights (Q1 FY2024):
IndiaMART registered traffic of 254 million and Unique business inquiries of 22 million in Q1 FY24. Supplier Storefronts grew to 7.6 million, an increase of 6% YoY, and paying subscription suppliers grew to 207,683 a net addition of 4,993 subscribers during the quarter.
Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, IndiaMART said:
“We are pleased with the healthy growth in revenue, deferred revenue, and cash flows along with steady operating margins as we start the new fiscal. We are confident about the continued growth and will continue to invest in technology and people to strengthen our value proposition further to accelerate digital adoption amongst businesses. Our sustainable cash flow helps us in making these investments towards building a strong foundation to leverage emerging growth opportunities.”
Q1 FY2024 Performance Metrics: Consolidated Basis
Q1 FY24 Earnings Conference Call
IndiaMART InterMESH Ltd will host an earnings webinar for investors and analysts on Friday, July 21
2023 at 16:00 hours IST to discuss its results and developments for the quarter ended June 30, 2023.
The senior management of the company will be present to address the webinar.
