Stock Market update: IndiaMART shares down by 8% post Q3 results

Stocks of IndiaMart fell by 8% to ₹5,259.00 per equity share against the previous close at ₹5,837.95 per share, in today’s early trade.

The shares of IndiaMART declined by 8% at ₹5,259.00 per share against the previous close at ₹5,837.95 per share, in today’s early trade. The trade opened at Rs ₹5,480.00 per equity share representing a steep fall by 8% post Q3 results.

B2B e-commerce firm IndiaMART Intermesh on Monday posted a 29% rise in its consolidated net profit to ₹80 crore for the third quarter ended December 31, 2020. “The company had reported a net profit of ₹62 crore in the year-ago period,” a regulatory filing said.

Its revenue from operations stood at ₹174 crore in the third quarter of 2020-21, up 5% from ₹165 crore in the corresponding period last fiscal, it added. It attributed this growth to “marginal improvement in the realization of existing customers and increase in the number of paying subscription suppliers.”

Indiamart Intermesh Chief Executive Officer Dinesh Agarwal said, “We are pleased to report a resilient financial performance this quarter with a steady recovery in the business parameters while maintaining healthy margins and cashflows.”

“Our strong value proposition, customer relationships and balance sheet make us confident of supporting businesses in their transformation to online,” he further added.

The company said its consolidated deferred revenue declined from Rs 649 crore in the third quarter of FY20 to Rs 633 crore in the December quarter of FY21. On a sequential basis, the net profit was higher by 15 per cent from Rs 70 crore, while revenue was higher by 6 per cent from Rs 163 crore in the September 2020 quarter.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time