IndiaMART posts strong Q1 FY2024 performance, reports 26% YoY revenue growth

IndiaMART InterMESH Limited, an established online B2B marketplace in India, today released its financial results for the first quarter ending June 30, 2023.

According to the announced results, IndiaMART InterMESH reported a 26% year-on-year (YoY) growth in consolidated revenue from operations, which amounted to Rs. 282 Crore. This growth was largely due to a 16% increase in paying subscription suppliers. The standalone revenue from operations for IndiaMART InterMESH and Busy Infotech saw a YoY growth of 25% and 26%, respectively, with figures reaching Rs. 268 Crore and Rs. 13 Crore.

Furthermore, the consolidated deferred revenue increased by 25% YoY, standing at Rs. 1,202 Crore as of June 30, 2023.

The online marketing company also noted an increase in its EBITDA, with standalone EBITDA recorded at Rs. 76 Crore, representing an EBITDA margin of 28%. The consolidated EBITDA was Rs. 77 Crore, showing a margin of 27%.

The net profit for this quarter was Rs. 83 Crore, showing a margin of 25%. The other income, primarily due to fair value gain on treasury investments, rose to Rs. 57 Crores. The company’s cash flow from operations was Rs. 91 Crore, and cash and investment balance were Rs. 2,394 Crore as of the end of June 2023.

On the operational front, IndiaMART InterMESH saw 254 million traffic and 22 million unique business enquiries. Supplier storefronts grew by 6% YoY, reaching 7.6 million, and the number of paying subscription suppliers increased to 207,683.

Dinesh Agarwal, CEO of IndiaMART InterMESH, expressed satisfaction with the revenue growth, deferred revenue, and cash flows, assuring continued investments in technology and people to leverage emerging growth opportunities.