IndiaMART InterMESH, a B2B marketplace, reported an over 78% increase in its consolidated net profit for the quarter ended March 31, 2024 (Q4 FY24), reaching INR 99.6 Cr from INR 55.8 Cr in the year-ago quarter.
Quarterly, there was a 23% increase in profit from INR 81.9 Cr.
During the quarter under review, operating revenue surged by 17% to INR 314.7 Cr from INR 268.8 Cr in Q4 FY23.
Total expenses during the quarter in question increased by 13% year-on-year and 4% QoQ to INR 241.2 Cr.
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IndiaMART reported collections of INR 465 Cr from customers for Q4 FY24. Additionally, it recorded 24 Mn unique business enquiries in the quarter, marking a 14% increase YoY. Moreover, the number of supplier storefronts grew by 5% YoY to reach 7.9 Mn, while paying suppliers increased by 3K to 214K during the quarter.
As of March 31, 2024, the company reported deferred revenue of INR 1,440 Cr, reflecting a 24% year-on-year growth.
In the fiscal year 2023-24 (FY24), the B2B marketplace saw its consolidated net profit climb by almost 18% to INR 334 Cr from INR 283.8 Cr in FY23. Additionally, its operating revenue for FY24 reached INR 1,196.8 Cr, marking a growth of over 21% from INR 985.4 Cr in FY23.
The company’s board also sanctioned a dividend of INR 20 per share for the fiscal year 2023-24 (FY24).
Reflecting on the financial performance for the quarter and the fiscal year ending March 2024, Dinesh Agarwal, CEO of IndiaMART, stated, “We have concluded the financial year with consistent growth in revenue, deferred revenue, profits, and cash flows. Our priority continues to be empowering more businesses to thrive online by delivering exceptional products and customer experiences… We are confident in maintaining sustained profitable growth, especially with the increasing adoption of the internet among businesses.”
IndiaMART unveiled its financial results post-market closure. The company’s shares concluded yesterday’s trading session 0.88% higher at INR 2,648.20 on the BSE.
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