IndiaMART reported consolidated revenue from operations of Rs 295 crore in Q2 FY24, a growth of 22 per cent YoY. Consolidated profit before tax was at Rs 93 crore and consolidated net profit for this quarter was Rs 69 crore representing a margin of 28 per cent and 21 per cent respectively.
Standalone revenue from operations of the company grew by 23 per cent YoY to Rs 281 crore, primarily driven by a 12 per cent growth in the number of paying subscription suppliers as compared to last year. Revenue from operations of busy Infotech grew by 24 per cent YoY to Rs 13 crore. Consolidated deferred revenue increased by 26 per cent YoY to Rs 1,244 crore as of 30 September 2023.
As a result, Standalone EBITDA stood at Rs 81 crore for Q2 FY24 representing an EBITDA margin of 29 per cent. Consolidated EBITDA stood at Rs 80 crore for Q2 FY24 representing an EBITDA margin of 27 per cent.
Consolidated Cash Flow from Operations for the quarter was at Rs 102 crore. The consolidated cash and investments balance stood at Rs 1,910 crore as of the end of the second quarter.
According to the release, IndiaMART registered traffic of 288 million and unique business enquiries of 24 million in Q2 FY24; representing a YoY growth of 10 per cent and 6 per cent respectively. Supplier storefronts grew to 7.7 million, an increase of 5 per cent YoY and paying subscription suppliers grew to 2,09,747 representing a net addition of 2,064 subscribers during the quarter.
Commenting on the performance, CEO Dinesh Agarwal 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.”
