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IndiaMART InterMESH Q3FY22 Results: Consolidated profits decline 12.46% to Rs 70.20 crore
IndiaMART InterMESH Q3FY22 Results
IndiaMART InterMESH today reported a 12.46 per cent YoY decline in the consolidated profit at Rs 70.20 crore for the quarter ended December 31, 2021.
IndiaMART InterMESH today reported a 12.46 per cent YoY decline in the consolidated profit at Rs 70.20 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 80.20 crore in the corresponding quarter last fiscal.
The company's consolidated revenue from operations grew 8.35 per cent YoY to Rs 188.10 crore in the period under consideration compared to Rs 173.6 crore posted last year.
Consolidated EBITDA declined 10.25 per cent to Rs 78.8 crore compared to Rs 87.8 crore posted last year.
Consolidated Cash Flow from Operations for the quarter was at Rs 84 Crore, a YoY growth of 9 per cent. Cash and Investments balance stood at Rs 2,523 Crore as of December 31, 2021.
IndiaMART registered traffic of 259 million and unique business enquiries of 23 million during Q3FY22. Supplier Storefronts grew to 7 million, an increase of 10 per cent YoY and with a net addition of 5,833 subscribers during Q3FY22, paying subscription suppliers grew to 156 thousand.
Dinesh Agarwal, Chief Executive Officer, IndiaMART InterMESH said, "We are pleased to report a good financial performance in this quarter with growth in customers and deferred revenue with healthy margins and cash flows. Growing internet adoption strengthens our value proposition of helping businesses transform themselves to do business online. On the back of a strong balance sheet and cash flow from operations, we will continue to invest in our employees and product offerings for our customers that create long term value for our shareholders."
Further, during the quarter, IndiaMART has acquired a 7.7 per cent stake in 'Mynd Solutions Private Limited' which operates receivables exchange under the brand name of 'M1xchange'. Mynd Solutions Private Limited is one of the RBI licensed entities to set up the TReDS platform to facilitate invoice discounting for MSMEs. It also acquired a 26 per cent stake in 'Edgewise Technologies Private Limited" offers AI-driven omnichannel inventory and warehouse management solutions to merchants under the brand name of 'EasyEcom". It allows merchants to allocate, track and reconcile inventory across online and offline sales channels.
