Noida-headquartered e-commerce company IndiaMart InterMesh on Friday, October 27, reported a marginal rise in consolidated net profit at ₹69 crore for the second quarter (Q2FY24) ended September 2023 from ₹68 crore in the year-ago period.
The company's revenue from operations jumped 22% to ₹294.7 crore for the reporting period, primarily driven by a 12% growth in the number of paying subscription suppliers as compared to last year. It was ₹240.6 crore in the corresponding period of last year.
Consolidated cash flow from operations for the quarter stood at ₹102 crore. Consolidated cash and investments balance stood at ₹1,910 crore as on September 30, 2023, the company said in a filing.
"We are happy to report continued growth in revenue, deferred revenue, and healthy operating margins in this quarter. This is the result of investments made in further strengthening our value proposition and enhancing the user experience for businesses. With the rising internet adoption and on the back of healthy cash flows, we are confident of the long-term growth and sustained value creation for all our stakeholders," said Chief Executive Officer Dinesh Agarwal.
On Friday, IndiaMart stock was trading 4.79% higher at ₹2,787.75 apiece on NSE as the company reported improved earnings. So far this year, the shares have gained nearly 30%.
First Published: Oct 27, 2023 3:27 PM IST
