IndiaMART InterMESH scales 52-week high on healthy sales, upbeat commentary

Consolidated revenue came in at Rs 269 crore in Q4 FY23, registering a growth of 33 percent YoY.

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Shares of IndiaMART InterMESH rose 5 percent on May 2 on healthy quarterly sales and upbeat commentary. At 3:14 pm, Indiamart Intermesh was quoting at Rs 5,642, up 5.18 percent. It touched a 52-week high of Rs 5,642.

Consolidated revenue came in at Rs 269 crore in Q4 FY23, registering a growth of 33 percent YoY primarily driven by a 20 percent increase in the number of paying subscription suppliers and the addition of Rs 12 crore revenue from accounting software services.

Net profit stood at Rs 56 crore as compared to the year ago’s Rs 57 crore and the previous quarter’s Rs 113 crore.

The company continued making growth investments in manpower, product and technology, sales and servicing, resulting in growth in revenue and paying subscription suppliers which drove IndiaMART InterMESH to report a consolidated EBITDA of Rs 66 crore representing EBITDA margin of 25 percent.

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After the company reported strong earnings, ICICI Securities has raised its target price on the stock to Rs 7,000 from Rs 6,000. “We believe IndiaMART will be a key beneficiary of the strong growth in B2B e-commerce expected over the next few years,” the brokerage firm said.

Given the recent increase in suppliers, the company’s management expects traffic to increase over the coming quarters as matchmaking too improves. Further, addition of 8,000-9,000 paying subscribers every quarter is sustainable, the brokerage firm pointed out.

At current valuations of around 26 times its FY25 EV/EBITDA, ICICI Securities believes the company’s stock is a strong ‘buy’ considering its growth prospects.

IndiaMART InterMESH is one of the country’s largest online B2B marketplaces for business products and services. The company connects buyers and sellers across product categories and geographies in India through business enablement solutions.

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