The shares were trading at INR 2944.80 at 12:03 PM on Wednesday, as compared to INR 3146.55 at previous close
During Q1, IndiaMART experienced a decline in traffic, falling to 267 Mn from 269 Mn by the end of the March quarter
However, the company posted a 37.3% rise in its consolidated net profit to INR 114 Cr in the Q1 FY25 from INR 83 Cr in the same period last year
Shares of B2B marketplace IndiaMART
tanked 6% during intraday trading today (July 31) to INR 2,955.45 after it reported an addition of 1,500 subscribers during June quarter (Q1) of the financial year 2024-25 (FY25).
The shares were trading at INR 2944.80 at 12:03 PM, as compared to INR 3146.55 at previous close.
During Q1, IndiaMART experienced a decline in traffic, falling to 267 Mn from 269 Mn by the end of the March quarter. This marked the third consecutive month of decreasing traffic.
However, the company posted a 37.3% rise in its consolidated net profit to INR 114 Cr in the Q1 FY25 from INR 83 Cr in the same period last year.
The company’s operating revenue grew 17.4% to INR 331.3 Cr in the quarter under review from INR 282.1 Cr in Q1 FY24.
IndiaMART’s revenue from web and related services increased at the same rate, 17.4% year-on-year (YoY), to INR 315.6 Cr in Q1 FY25, while revenue from accounting software services rose 16.3% YoY to INR 15.7 Cr.
The company said in a statement that its collections from customers grew 14% to INR 366 Cr during the quarter, which primarily comprised standalone collections of INR 341 Cr and Busy Infotech’s collections of INR 24 Cr.
IndiaMART’s total expenses increased a mere 3.5% to INR 221.9 Cr in Q1 FY25 from INR 214.4 Cr in the year-ago quarter.
Employee expenses continued to be the biggest expense head for the company, growing 15.2% to INR 143.2 Cr during the quarter under review from INR 124.3 Cr in Q1 FY24.
Earlier this year, IndiaMART acquired a 10% stake in fraud detection startup Baldor Technologies for INR 89.7 Cr (about $10.7 Mn) via a secondary transaction.
Baldor Technologies offers products and solutions for know-your-customer (KYC), background verifications, risk mitigation, digital onboarding and digital privacy under the brand name IDfy.
