IndiaMART InterMESH’s net profit in Q4 FY24 rose 23% on a QoQ basis from INR 81.9 Cr
Operating revenue rose 17% to INR 314.7 Cr during the quarter under review from INR 268.8 in Q4 FY23
For the full FY24, the B2B marketplace’s consolidated net profit grew nearly 18% to INR 334 Cr from INR 283.8 Cr in FY23
B2B marketplace IndiaMART
InterMESH on Tuesday (April 30) reported an over 78% increase in its consolidated net profit for the quarter ended March 31, 2024 (Q4 FY24) at INR 99.6 Cr from INR 55.8 Cr in the year-ago quarter.
On a quarter-on-quarter (QoQ) basis, profit rose 23% from INR 81.9 Cr.
Operating revenue rose 17% to INR 314.7 Cr during the quarter under review from INR 268.8 in Q4 FY23.
Meanwhile, total expenses increased 13% year-on-year and 4% QoQ to INR 241.2 Cr during the quarter under review.
IndiaMART said its collections from customers for Q4 FY24 stood at INR 465 Cr. It also registered 24 Mn unique business enquiries in the quarter, up 14% YoY. Further, its supplier storefronts grew 5% YoY to 7.9 Mn, while paying suppliers grew by 3K to 214K in the quarter.
The company said its deferred revenue stood at INR 1,440 Cr as of March 31, 2024, a 24% YoY growth.
For the full financial year 2023-24 (FY24), the B2B marketplace’s consolidated net profit grew nearly 18% to INR 334 Cr from INR 283.8 Cr in FY23. The startup’s operating revenue stood at INR 1,196.8 Cr in FY24, an over 21% increase from INR 985.4 Cr in FY23.
The company’s board also approved a dividend of INR 20 per share for FY24.
Commenting on the financial performance for the quarter and the year ended March 2024, IndiaMART CEO Dinesh Agarwal said, “We have closed the financial year with a steady growth in revenue, deferred revenue, profits and cash flows. Our focus remains on enabling more and more businesses to grow online by providing them a great product and customer experience… we remain confident of sustained profitable growth amidst rising internet adoption amongst businesses.”
IndiaMART released the financial results after market hours. Shares of the company ended today’s trading session 0.88% higher at INR 2,648.20 on the BSE.
