B2B e-commerce company IndiaMART on Tuesday posted a 57 per cent rise in consolidated net profit to Rs 44 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 28.2 crore in the corresponding period a year.
Its consolidated revenue of IndiaMART InterMESH Ltd increased by about 22 per cent to Rs 187.3 crore during the reported quarter from Rs 152.8 crore a year ago.
For the financial year 2019-20, IndiaMART posted over seven-fold jump in its net profit to Rs 147.4 crore as compared with Rs 20 crore in 2018-19.
The firm’s annual revenue in 2019-20 increased 29 per cent to Rs 707 crore, from Rs 548 crore in the previous financial year.
“Our growth in cash flow from operations and deferred revenues remained subdued as the economy continued to face strong headwinds,” Indiamart chief executive officer Dinesh Agarwal said in a statement.
He added that while “we expect a decline in demand and business activity in the short term due to the ongoing crisis, we believe our value proposition will only become stronger as more and more businesses look for transforming themselves and adapt to online,” Indiamart chief executive officer Dinesh Agarwal said in a statement.
Shares of IndiaMART closed at Rs 2,192.25 apiece on the BSE, down by 2.6 per cent as compared with the previous close.