Jobaaj Stories
B2B e-commerce giant IndiaMART has published its quarterly results wherein the company saw a marginal decline in quarterly profits while annual profits were down 5% as higher employee benefit expenses led to a lower bottom line.
Quarterly, the company’s revenues from operations grew 33% to Rs 269 crores as the company’s collections improved 31% to Rs 418 crores. EBITDA improved by 15% during the quarter as the EBITDA margin stood at 25%. However, the net profit of the company fell 3% to Rs 56 crores.
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For the full year of FY23, revenues and miscellaneous income saw robust growth as Total Income improved 35% YoY. The company segregated its operations into 2 segments: Web and related services & Accounting software services. The former is its flagship B2B e-marketplace, while the latter pertains to the business of development, system analysis, designing, and marketing of integrated business accounting software.
The accounting software services clocked in revenues of Rs 43 crores, while the web services segment had a revenue of Rs 9,420 crores, growing 25% YoY. Total collections made by the company improved 25% to Rs 1,167 crores, but EBITDA declined 16% YoY as the EBITDA margin was 28%.
Annualized revenue per paying subscriber improved 7% to Rs 50,560 crores as the live product listings improved 14% to 9.5 crores. However, traffic was down 3%, while unique business inquiries made with the company fell 7% to 2.2 crores.
During the year, the company’s expenses saw a higher surge than its revenues. Employee benefit costs, which accounted for 56% of total costs, surged 59% to Rs 425 crores while depreciation costs grew 1.6x times to Rs 31 crores. Consequently, the net profit of the company fell 5% to Rs 284 crores against Rs 298 crores reported in the preceding fiscal.
In the Board’s latest meeting, they proposed a bonus issue with a ratio of 1:1 & a dividend of Rs 20 per share, both pending shareholders' approval. Shares of Indiamart Intermesh closed at Rs 5,366.65 per share on Friday.
- Aman Agarwal
