Indiamart Intermesh shares hit 52-week high on better earnings, buyback plan

The company has received board approval for share buyback of up to Rs 500 crore at a price of Rs 4,000 per share.

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Indiamart Intermesh share price touched its 52-week high of Rs 3,149.30 after the company posted better earnings for the quarter ended June 2023. At 11:06 hrs Indiamart Intermesh was quoting at Rs 3,122.80, up Rs 223.50, or 7.71 percent.

Indiamart Intermesh has registered a 78% year-on-year growth in profit at Rs 83 crore for June FY24 quarter. Revenue from operations grew by 26% to Rs 282 crore, compared to the year-ago period, primarily driven by a 16% increase in number of paying subscription suppliers.

On the operating front, Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter grew by 20 percent to Rs 77 crore YoY.

The margin has dropped 200 bps YoY to 27 percent.

The company has received board approval for share buyback of up to Rs 500 crore at a price of Rs 4,000 per share.

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Analyst view

Research house JM Financial (JMF) has reiterated a buy rating on the stock with a revised target price of Rs 3,300 versus Rs 3,000 earlier.

Company’s cash collections in 1QFY24 grew 26.4% YoY to Rs 3.21 billion in 1QFY24, ahead of JM Financial’s estimates by 3%.

With a bulk of growth investments (mainly related to sales team expansion) in the base and realisation likely to improve, broking firm expect operating leverage to support ~400bps margin improvement over FY23-FY26E.

Overall, JMF forecast 22%/27%/24% Revenue/EBITDA/PAT CAGR over FY23-26E and expect the stock to continue to trade at punchy valuations amidst strong earnings visibility.

JMF also expect the market to cheer the company’s intention to return excess cash through the buyback route.