New Delhi: Online B2B marketplace and discovery platform IndiaMART InterMESH on Friday reported Rs 56 crore consolidated net profit for the March 2023 quarter. The company had posted a net profit of Rs 57 crore in the corresponding quarter a year ago, IndiaMART said in a statement.
Its consolidated revenue from operations, however, grew 33 per cent to Rs 269 crore against Rs 201 crore in the year-ago quarter. The consolidated cash flow from operations stood at Rs 209 crore during the quarter under review, the company said.
IndiaMART collected a total of Rs 418 crore from its customers during the fourth quarter of FY23, 31 per cent higher than Rs 318 crore mopped up in the same quarter of FY22.
During the entire 2022-23, the company’s net profit fell 5 per cent to Rs 284 crore compared to Rs 298 crore recorded in the preceding fiscal.
However, the consolidated revenue from operations increased 31 per cent by Rs 985 crore in FY23 from Rs 753 crore in FY22. The cash flow generation rose 18 per cent to Rs 476 crore against Rs 402 crore registered in the year-ago period.
The total collection from customers during the full FY23 rose 30 per cent to Rs 1,219 crore from Rs 934 crore a year ago.
The company said it earned an additional Rs 12 crore by providing accounting software solutions to its clients, while the number of paid subscription suppliers increased by 20 per cent in FY23.
The company said it continued investments in “manpower, product and technology, sales and servicing, resulting into the growth in revenue and paying subscription suppliers”.
IndiaMART chief executive officer Dinesh Agarwal said: “We are happy to close the financial year with continued growth in customers, revenue and cash flows while maintaining healthy margins in the business”.
“We continue to invest in further strengthening our product, technology and building strong customer relationships. This remains integral to our long-term strategy to drive profitable growth and leverage our value proposition to create value for all our stakeholders.”
IndiaMART claims to have a 60 per cent market share of the B2B advertising space with over 70 lakh suppliers, mainly micro, small and medium enterprises, using its various services to connect with potential customers as well as negotiate bulk deals.
Shares of IndiaMART ended on Friday at Rs 5,364.15 apiece on the BSE, 2.25 per cent higher than the previous close.