NEW DELHI – Shares of Indiamart Intermesh plummeted 9 per cent in early trade on Tuesday as the B2B e-commerce firm posted a 12.4 per cent decline in consolidated net profit to Rs 70.2 crore in the December 2021 quarter.
The company had registered a net profit of Rs 80.2 crore in the corresponding period of the last fiscal.
The counter plunged to a low of Rs 5,259 as against the previous close of Rs 5,837.95 on the National Stock Exchange.
Indiamart’s revenue grew 8.3 per cent to Rs 188.1 crore in the third quarter of FY22 from Rs 173.6 crore in the year-ago period, the company said in an exchange filing Monday, PTI reported.
Indiamart registered traffic of 259 million and unique business enquiries of 23 million during the third quarter of FY22, PTI reported, adding that supplier storefronts grew to 7 million, an increase of 10 per cent year-on-year.
The company saw a net addition of 5,833 subscribers during the October-December quarter, paying subscription suppliers grew to 1.56 lakh.
“We are pleased to report a good financial performance in this quarter with growth in customers and deferred revenue with healthy margins and cash flows. Growing internet adoption strengthens our value proposition of helping businesses transform themselves to do business online,” Indiamart Intermesh Chief Executive Officer Dinesh Agarwal was quoted as saying in the PTI report.
According to Agarwal, the company, on the back of a strong balance sheet and cash flow from operations, will continue to invest in its employees and product offerings that create long term value for its shareholders.
Indiamart said in a separate filing, that it intends to invest Rs 7.5 crore in Legistify through its wholly-owned subsidiary Tradezeal by subscribing 75,000, 0.0001 per cent Compulsorily Convertible Debentures (CCDs).
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