Indiamart Intermesh Ltd - Q3FY23 Result First Cut - YES Securities

Overall inline performance. Revenue slightly above estimates; EBITDA margin below expectation.

- Reported revenue of Rs 2,514mn (up 4.5% QoQ, up 33.7% YoY). The sequential growth was led by 3.2% QoQ increase in the number of paid customers and around 1.4% QoQ increase in average realization.

- Total collection grew by 7.2% QoQ to Rs 2.8bn, with strong traction seen across customer categories.

- EBITDA margin declined by 2 bps QoQ to 27.9%, led by around 140 bps impact from higher employee expense as it continues to add on to its manpower.

- Number of registered buyers was 165 mn for the quarter vs 160 mn in Q2FY23. Total traffic to the portal dipped to 250 mn vs 261 mn in Q2FY23.

- The number of paid customers grew by 6k QoQ to 194k. While ARPU grew by 1.4% QoQ to Rs 49,400 for the quarter.

- View: Overall, strong result for the quarter on broadly expected lines. Management commentary on expected addition of paid customers going ahead and margin trajectory is key to watch out for . We currently have BUY Rating on the stock

Shares of Indiamart Intermesh Limited was last trading in BSE at Rs. 4547.70 as compared to the previous close of Rs. 4476.70. The total number of shares traded during the day was 8536 in over 2202 trades.

The stock hit an intraday high of Rs. 4695.00 and intraday low of 4481.00. The net turnover during the day was Rs. 39145852.00.

Source : Equity Bulls

Keywords

IndiamartIntermesh INE933S01016 Q3FY23 Result FirstCut YESSecurities