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New Delhi, Apr 29 (PTI) B2B e-commerce firm Indiamart Intermesh on Thursday posted a 26 per cent increase in consolidated net profit to Rs 56 crore for the fourth quarter ended March 31, 2021.

The company had posted a net profit of Rs 44 crore in the same period a year ago.

Total income of the company increased by about 1 per cent to Rs 190 crore during the reported quarter from Rs 187 crore in the corresponding period of 2019-20.

“Strong response from global and domestic investors leading to successful closure of QIP offering in this volatile market environment further demonstrated their confidence in the business model. 

“During these trying times, we remain committed to employee safety and customer centric approach helping businesses grow through on-line transformation,” Indiamart Intermesh CEO Dinesh Agarwal said in a statement.

During the reported quarter, Indiamart completed its qualified institutional placement (QIP) of equity shares by raising Rs 1,070 crore. The company plans to use the proceeds for future growth and expansion.

“With a stronger balance sheet we will continue to invest in strengthening our value proposition further, positioning us well to leverage the emerging long term market opportunities,” Agarwal said.

For the year ended March 31, 2021, Indiamart Intermesh posted a 90 per cent increase in consolidated net profit to Rs 280 crore compared to Rs 147 crore in 2019-20.

Total income of the company increased by 7 per cent to Rs 756 crore in 2020-21 from Rs 707 crore in the preceding fiscal.

The board of directors has recommended a final dividend of Rs 15 per share for the fiscal year 2021, subject to shareholder approval. PTI PRS ABM ABM