IndiaMART InterMESH Q1FY24 Net Profit Soars 77% to Rs 83 Crore

21 Jul 2023 , 02:09 PM

IndiaMART InterMESH, the B2B online marketplace, reports a 77% surge in net profit for Q1FY24, reaching Rs 83 crore from Rs 47 crore in Q1FY23. Other income also increased, rising to Rs 57 crore during the quarter compared to Rs 1 crore in the same period last year.

The company’s revenue witnessed a robust growth of 25% to Rs 282 crore in Q1FY24, up from Rs 225 crore in Q1FY23. Based on data, IndiaMART’s EBITDA margins saw a slight decline of two percentage points, settling at 27% compared to 29% YoY.

The company’s CEO, Dinesh Agarwal, expressed confidence in the strong growth in revenue, deferred revenue, and cash flows and affirmed their commitment to invest in technology and human resources to accelerate digital adoption among businesses.

As per data, IndiaMART registered a traffic of 254 million users and 22 million unique business enquiries during Q1FY24.

IndiaMART’s robust financial performance signifies its continued dominance in the B2B online marketplace segment, positioning it well to capitalize on digital adoption trends and drive growth in the dynamic market environment.

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