August18 , 2022

indiamart intermesh stock price: IndiaMart InterMesh falls 5% as Q1 profit tanks 49% YoY

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Shares of dropped 4.5 per cent in Friday’s trade after the company posted a 48.8 per cent year-on-year (YoY) decline in consolidated net profit to Rs 46.69 crore in the June 2022 quarter.

The company had registered a net profit of Rs 87.9 crore in the corresponding period last fiscal.

Total revenue from operations increased to Rs 224.5 crore for the quarter ended June 2022 as against Rs 181.6 crore in June 2021, up 24 per cent YoY.

IndiaMART registered traffic of 257 million and total business enquiries of 115 million during Q1FY23 while its supplier storefronts grew to 7.2 million, the company said in a filing to the exchanges.

The company added that its total expenses saw a huge increase to Rs 167.9 crore from Rs 97.6 crore on a YoY basis.

Dinesh Agarwal, Chief Executive Officer,

, said, “We are starting the fiscal year on a positive note as the quarter registered modest all-round profitable growth and improvement in overall demand environment. We continue to make investments in strengthening our value proposition as well as building the organization to further accelerate the digital transformation of businesses. We look forward to capitalizing on the emerging opportunities arising from the increasing adoption of the internet on the back of investments made in the recent quarters, as well as, a strong balance sheet.”

After the financial update, the scrip hit a day’s low of Rs 4070.10. At 10 am, it traded at Rs 4094.55 around 3.7 per cent below its previous close of Rs 4254.7.

Along with the financial results, the company announced record date for the purpose of final dividend of Rs 2 per share. It fixed Friday, September 02, 2022, as the record date.

Promoters held 49.22 per cent stake in the firm while FIIs and DIIs held 23.59 per cent and 4.96 per cent stakes, respectively at the end of 30 June 2022.

IndiaMart InterMesh is a midcap company having a market cap of Rs 12,575.72 crore.

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