Indiamart Q3 FY23 net profit increases 60.6%, revenue up by 33.6%

IndiaMart Intermesh Ltd, a B2B ecommerce company, on Thursday reported a 60.68% rise in its consolidated net profit to Rs 112.8 crore for the third quarter ended December 31, 2022.

The company had posted a consolidated profit of Rs 70.2 crore in the October-December quarter a year ago, it said in a regulatory filing.

Its consolidated revenue from operations in the third quarter rose 33.65% to Rs 251.4 crore against Rs 188.1 crore in the corresponding period of the previous year, it added.

Commenting on the results Indiamart Intermesh CEO Dinesh Agarwal said it was led by growth in revenue, deferred revenue, paying subscription suppliers, and cash flow from operations with healthy margins.

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"Our strong balance sheet and sustainable cashflows enable us to continue investing in strengthening our manpower across the organisation as well as investments in strategic areas," he said.

The company will continue to invest behind the growth and focus on further strengthening our value proposition to leverage the emerging growth tailwinds due to accelerated digital adoption by businesses, Dinesh added.

Shares of Indiamart Intermesh Ltd on Thursday settled at Rs 4,476.70 apiece, down 0.72% from the previous close.