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IndiaMART InterMESH net profit drops 27.4% to Rs 81.82 crore in Q3 FY24, ET Retail


New Delhi: IndiaMART InterMESH, on Thursday, has reported a drop in consolidated net profit of Rs 81.82 crore in the third quarter (Q3) ended December 31, 2023 as against the net profit of Rs 112.83 crore in the same period of the last quarter, the company said in a regulatory filing.

The company’s total income stood at Rs 346.88 crore in Q3 FY24 as compared to the total income of Rs 353.63 crore in Q3 FY23.

Collections from customers grew to Rs 332 crore for the quarter and Deferred Revenue as of December 31, 2023 increased to Rs 1,270 Crore representing a YoY growth of 25%, as per the BSE filing.

According to a statement, IndiaMART registered traffic of 272 million and Unique business inquiries of 23 million in Q3 FY24; representing a YoY growth of 9% and 4% respectively. Its supplier storefronts grew to 7.8 million, an increase of 5% YoY and paying subscription suppliers grew to 212K representing net addition of 1,826 subscribers during the quarter.

Dinesh Agarwal, chief executive officer of the company said, “We are pleased to report modest growth in revenue, deferred revenue, and healthy operating margins in the third quarter. We continue to focus on enhancing customer experience on our platform and driving deeper penetration of paying customers across cities, enabling businesses to grow online.”

The company is confident of sustained profitable growth and cash flows as it leverage market opportunities amidst increasing digital adoption by businesses.

  • Published On Jan 18, 2024 at 05:32 PM IST

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