IndiaMART InterMESH Limited First Quarter ending June 30, 2022

Noida, India, July 21, 2022: IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the first quarter ending June 30, 2022.

Financial Highlights (Q1 FY2023):

IndiaMART reported consolidated Total Revenue from Operations of Rs. 225 Crore in Q1 FY23, a growth of 24% YoY primarily driven by 23% increase in number of paying subscription suppliers and addition of Rs. 10.53 Crore revenue from accounting software services. Consolidated Deferred Revenue increased by 34% YoY to Rs. 961 Crore as on June 30, 2022. 

The Company continued making growth investments in manpower, product and technology, sales and servicing resulting into growth in revenue and paying subscription suppliers. As a result, consolidated EBITDA was Rs. 64 Crore for Q1 FY23 representing EBITDA margin of 29%. Expenses for the quarter also included one-time cost of Rs. 4.07 Crore related to the acquisition of Busy Infotech Private Limited and Finlite Technologies Private Limited, which have been consummated during the quarter. Net Profit for this quarter was Rs. 47 Crore representing margin of 21%.  

Consolidated Cash Flow from Operations for the quarter was at Rs. 75 Crore.  Cash and Investments balance stood at Rs. 1,882 Crore as on June 30, 2022.

Operational Highlights (Q1 FY2023):

IndiaMART registered traffic of 257 million and Total business enquiries of 115 million during Q1 FY23. Supplier Storefronts grew to 7.2 million, an increase of 10% YoY and paying subscription suppliers grew by 23% YoY to 179,260 with a net addition of 9,936 paying subscription suppliers during the quarter.

Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, said: 

“We are starting the fiscal year on a positive note as the quarter registered modest all-round profitable growth and improvement in overall demand environment. We continue to make investments in strengthening our value proposition as well as building the organization to further accelerate digital transformation of businesses.  We look forward to capitalizing the emerging opportunities arising from the increasing adoption of the internet on the back of investments made in the recent quarters as well as a strong balance sheet.”

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About IndiaMART:

IndiaMART is India’s largest online B2B marketplace for business products and services. IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions. IndiaMART provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.