- The growth is driven by 25% increase in the number of paying subscriptions and additional revenue from accounting software services
- Consolidated Deferred Revenue increased by 30% YoY to Rs. 984 Crore as on September 30, 2022.
- The Company continues its investment in manpower, product and technology, sales, and servicing
Noida, India, October 20, 2022: IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the second quarter ending September 30, 2022.
Q2 FY2023 vs. Q2 FY2022
Financial Highlights (Q2 FY2023):
IndiaMART reported consolidated Revenue from Operations of Rs. 241 Crore in Q2 FY23, a growth of 32% YoY primarily driven by 25% increase in number of paying subscription suppliers and addition of Rs. 10.8 Crore revenue from accounting software services. Consolidated Deferred Revenue increased by 30% YoY to Rs. 984 Crore as on September 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. 67 Crore for Q2 FY23 representing EBITDA margin of 28%. Net Profit for this quarter was Rs. 68 Crore representing margin of 24%.
Consolidated Cash Flow from Operations for the quarter was at Rs. 78 Crore. Cash and Investments balance stood at Rs. 1,975 Crore as on September 30, 2022.
Operational Highlights (Q2 FY2023):
IndiaMART registered traffic of 261 million and Total business enquiries of 122 million during Q2 FY23. Supplier Storefronts grew to 7.3 million, an increase of 10% YoY and paying subscription suppliers grew by 25% YoY to 188,092 with a net addition of 8,832 paying subscription suppliers during the quarter.
Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, said:
“We are pleased to report growth in revenue, customers and deferred revenue along with healthy margins and cash flows in a stable demand environment. Sustainable cash flows and a robust balance sheet enables us to continue investing in strategic areas as well as building the organization to meet the evolving customer needs and accelerate digital transformation of businesses. “
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.