Indiamart Q2 results: Net profit jumps about 8-folds to Rs 70 crore

NEW DELHI: B2B e-commerce firm Indiamart Intermesh on Tuesday posted nearly eight-fold jump in its consolidated net profit at Rs 70 crore for the second quarter ended September 30, 2020.

The company had reported a net profit of Rs 9 crore in the corresponding period a year ago.

"As we navigate through these unprecedented times and a volatile environment, we are happy to report a moderate financial performance in this quarter," Indiamart CEO Dinesh Agarwal said in a statement.


With pick-up in business activity and increasing realisation for online adoption by small and medium businesses, "our revenue and customers have shown a positive recovery trend and helped us to maintain healthy margins as well as cashflow," Agarwal added.

The revenue from operations of the company increased by 4 per cent to Rs 163 crore during the reported quarter from Rs 157 crore it recorded in the corresponding quarter of 2019-20.

The company's said that during the second quarter, there was marginal improvement in realisation of existing customers and increase in number of paying subscription suppliers amidst the ongoing COVID-19 pandemic.

Indiamart said that it registered a traffic growth of 32 per cent year-on-year to 25.9 crore in July-September 2020, compared to 19.6 crore in the same period a year ago.

Paid subscribers of Indiamart grew by 3 per cent during the reported quarter to 1.41 lakh, the company said.

Shares of Indiamart closed at Rs 5,017.75, up 1.12 per cent compared to previous close, on the BSE.