New Delhi, Oct 28: B2B marketplace IndiaMART InterMesh on Friday reported marginal year-on-year increase in consolidated net profit at Rs 69.4 crore for the July-September quarter (Q2) of current financial year 2023-24 as against Rs 68.4 crore in the corresponding period a year ago.
The company’s revenue from operations during the September quarter of FY24 stood at Rs 294.7 crore as compared to Rs 240.6 crore in the same period of the previous financial year thus registering a growth of 22.48%.
“Standalone revenue from operations of IndiaMART grew by 23% year-on-year to Rs 281 crore, primarily driven by 12% growth in the number of paying subscription suppliers as compared to last year,” the company said in a media release.
The release said that the company continued making growth investments in manpower, product and technology, sales and servicing resulting into growth in revenue and paying subscription suppliers.
Commenting on the performance, IndiaMART InterMesh CEO Dinesh Agarwal said that the company continued growth in revenue, deferred revenue, and healthy operating margins in the July-September 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,” he said.
