IndiaMART's share price hit a 52-week high of INR 3180 during intraday trading on Friday (July 21)
The company recently approved an INR 500 Cr share buyback consisting of 12.5 Lakh equity shares
The ecommerce giant turned a profit of INR 83.1 Cr in Q1 FY24, up 77.9% YoY compared to INR 47 Cr in Q1 FY23
Shares of the listed B2B ecommerce giant indiamart
have hit a 52-week high off the back of positive financial results in the first quarter of the financial year 2023-24 (Q1 FY24).
IndiaMART’s share price hit INR 3180.00 during intraday trading on Friday (July 21), boosted by the ecommerce giant turning a profit of INR 83.1 Cr in Q1 FY24, up 77.9% year-on-year (YoY) compared to INR 47 Cr in Q1 FY23, according to an exchange filing.
The early hours of trading also saw share trade volume jump 4.36X off the back of the financials being announced.
The company’s shares were trading at INR 3180 apiece on the BSE at 1:10 PM on Friday, up 9.68% compared to Thursday’s close.
The company held a board meeting on Monday (July 17), approving an INR 500 Cr share buyback consisting of 12.5 Lakh equity shares, or 2.04% of the listed B2B giant.
The buyback price will be INR 4,000 per share. That represents a premium of 38% over Thursday’s closing price, according to an exchange filing.
According to IndiaMART’s financials, it posted consolidated revenue of INR 282.1 Cr, up 25.65% YoY compared to Q1 FY23. At the same time, the B2B ecommerce startup’s EBITDA reached INR 77.35 Cr in the quarter ended June 30, 2023, up 20.59% YoY.
Of the 21 analysts tracking IndiaMART, 15 maintain a ‘buy’, two maintain a ‘hold’, and four recommend a ‘sell’, according to Bloomberg data.
Earlier in April, the B2B giant’s board recommended issuing 1:1 bonus shares to its shareholders, off the back of a slight decline in profit in the year ended March 31, 2023.
The company’s board also recommended a dividend of INR 20 per equity share for FY23.
