B2B Marketplace IndiaMART Records 78% Year-on-Year Profit Rise, INR 99.6 Cr Q4 Earnings

IndiaMart is a B2B marketplace that connects businesses with verified suppliers, allowing them to purchase goods and services at competitive prices. The platform offers a wide range of products, including commodities, chemicals, machinery, electronics, and more, from registered and audited suppliers based in India and abroad. With over 8 lakh registered sellers and more than 3 lakh verified suppliers, IndiaMart provides businesses with access to a vast network of suppliers and helps streamline their procurement process. IndiaMart also offers various tools and resources to help businesses manage their purchases, such as credit management and e-sourcing solutions.

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Indiamart InterMESH, a B2B marketplace, announced on Tuesday (April 30) a remarkable increase of over 78% in their consolidated net profit for the quarter ending March 31, 2024 (Q4 FY24). The profit reached INR 99.6 Cr from INR 55.8 Cr in the same quarter of the previous year. Comparing it to the previous quarter, their profit rose by 23%, from INR 81.9 Cr. Their operating revenue experienced a 17% growth, totaling INR 314.7 Cr during the quarter under review, as opposed to INR 268.8 Cr in Q4 FY23. Total expenses also increased during this time

IndiaMART announced that it collected INR 465 Crores from customers during the fourth quarter of the fiscal year 2024. Impressively, it saw a 14% year-on-year increase, receiving 24 million distinct business inquiries. Additionally, the number of supplier storefronts grew by 5% compared to the previous year, reaching 7.9 million. Notably, the quarter saw a rise in paying suppliers by 3,000, totaling 214,000. The company shared that its deferred revenue amounted to INR 1,440 Cr on March 31, 2024, representing a 24% increase compared to the previous year.

For the entire fiscal year 2023-2024 (FY24), the B2B marketplace’s consolidated net profit experienced a growth of nearly 18%, reaching INR 334 Cr from INR 283.8 Cr in FY23. The company’s operating revenue was recorded at INR 1,196.8 Cr during FY24, which is a significant 21% increase from the revenue of INR 985.4 Cr in FY23.

As a part of their financial decisions, the company’s board approved a dividend of INR 20 per share for the fiscal year 2023-2024 (FY24). The progress and financial growth showcase the marketplace’s continued success and solidify its position in the business sector.Top of Form

Dinesh Agarwal, CEO of IndiaMART, commented on their financial performance for the quarter and the entire fiscal year ending in March 2024. He expressed satisfaction with their steady revenue growth, along with deferred revenue, profits, and cash flows. His focus is on helping businesses grow online by offering top-notch products and customer experiences. With increasing internet adoption among businesses, he remains optimistic about maintaining sustained profitable growth.

IndiaMART released its financial results after the market closed. The company’s shares ended today’s trading session 0.88% higher at INR 2,648.20 on the BSE.

IndiaMART InterMESH achieved significant financial growth in the fourth quarter of fiscal year 2024, with a notable increase in consolidated net profit and operating revenue. The company experienced a rise in customer transactions and inquiries, coupled with an expansion in supplier presence and deferred revenue. Their strong annual financial performance, highlighted by increased profits and operating revenue, reflects their market success. The board’s approval of a dividend and CEO Dinesh Agarwal’s optimistic outlook further solidify IndiaMART’s position in the B2B marketplace, showcasing their commitment to sustained growth and customer-centric strategies.