Tuesday, Sep 26 2023 | Time 18:34 Hrs(IST)
Business Economy

IndiaMart profit up 78 pc at Rs 83 crore in Q1

New Delhi, July 20 (UNI) B2B marketplace IndiaMart on Thursday reported 78% year-on-year increase in its net profit at Rs 83.14 crore for the quarter ending June 2023.
The company had posted a profit of Rs 46.67 crore in the corresponding quarter of the previous financial year.
The firm's consolidated revenue from operations during June quarter of FY 2023-24 stood at Rs 282 crore, a 26% year-on-year growth.
"IndiaMART reported consolidated revenue from operations of Rs 282 crore in Q1 FY24, a growth of 26% YoY primarily driven by 16% increase in number of paying subscription suppliers," it said.
Board of directors of the company approved a buyback of 1,250,000 equity shares at Rs 4,000 per equity share, for an amount not exceeding Rs 500 crore, subject to approval of shareholders
"We are pleased with the healthy growth in revenue, deferred revenue, cash flows along with steady operating margins as we start the new fiscal. We are confident about the continued growth and will continue to invest in technology and people to strengthen our value proposition further to accelerate digital adoption amongst businesses," said Dinesh Agarwal, company CEO.
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