IndiaMART InterMESH Limited Second Quarter ending September 30, 2023 – Results Press Release

Noida, India, October 27, 2023: IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the second quarter ending September 30, 2023.

Q2 FY2024 vs. Q2 FY2023
• Consolidated Revenue from Operations of Rs. 295 Crore, YoY growth of 22%
• Consolidated Cash generated from Operations at Rs. 102 Crore
• Consolidated Net Profit of Rs. 69 Crore
• Consolidated Deferred Revenue of Rs. 1,244 Crore, YoY growth of 26%

Financial Highlights (Q2 FY2024):

IndiaMART reported consolidated Revenue from Operations of Rs. 295 Crore in Q2 FY24, a growth of 22% YoY. Standalone Revenue from Operations of IndiaMART grew by 23% YOY to Rs. 281 Crore, primarily driven by 12 % growth in number of paying subscription suppliers as compared to last year. Revenue from operations of Busy Infotech grew by 24% YoY to Rs. 13 Crore. Consolidated Deferred Revenue increased by 26% YoY to Rs. 1,244 Crore as on September 30, 2023.

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, Standalone EBITDA stood at Rs. 81 Crore for Q2 FY24 representing EBITDA margin of 29%. Consolidated EBITDA stood at Rs. 80 Crore for Q2 FY24 representing EBITDA margin of 27%.

Consolidated Profit before Tax was at Rs. 93 Crore and Consolidated Net Profit for this quarter was Rs. 69 Crore representing margin of 28% and 21% respectively. 

Consolidated Cash Flow from Operations for the quarter was at Rs. 102 Crore. Consolidated Cash and Investments balance stood at Rs. 1,910 Crore as on September 30, 2023.

Operational Highlights (Q2 FY2024):                      

IndiaMART registered traffic of 288 million and Unique business enquiries of 24 million in Q2 FY24; representing a YoY growth of 10% and 6% respectively. Supplier Storefronts grew to 7.7 million, an increase of 5% YoY and paying subscription suppliers grew to 2,09,747 representing net addition of 2,064 subscribers during the quarter.

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

We are happy to report continued growth in revenue, deferred revenue, and healthy operating margins in this quarter. This is the result of investments made in further strengthening our value proposition and enhancing the user experience for businesses. With the rising internet adoption and on the back of healthy cash flows, we are confident of the long-term growth and sustained value creation for all our stakeholders.