IndiaMART Gets Shareholders’ Nod For Reappointment Of Dinesh Chandra Agarwal as MD, CEO

SUMMARY

Agarwal would serve as the MD and CEO of IndiaMART with effect from January 8, 2025 up to January 7, 2030

IndiaMART’s board approved Agarwal’s reappointment as MD and CEO in April this year, subject to shareholders’ approval

IndiaMART reported a 78% YoY increase in its consolidated net profit in Q4 FY24 to INR 99.6 Cr from INR 55.8 Cr in the year-ago period

B2B marketplace IndiaMART InterMESH has received the approval of its shareholders for the reappointment of Dinesh Chandra Agarwal as the managing director and chief executive officer of the company for another five years.

In an exchange filing, the company said it has received the approval from a majority of its shareholders for the reappointment of Agarwal.

Agarwal would serve as the MD and CEO of IndiaMART with effect from January 8, 2025 up to January 7, 2030, the company said.

It is pertinent to note that the company’s board approved Agarwal’s reappointment as MD and CEO in April this year, subject to shareholders’ approval. The company also rejigged its top management then, appointing Jitin Diwan as its new chief financial officer (CFO) from June 15. It said the then CEO Prateek Chandra would transition into a new role within the company as chief strategy officer.

Agarwal founded IndiaMART in 1996 and has served as its CEO for the last 28 years.

Meanwhile, the company’s shareholders also approved the proposal to reappoint Brijesh Kumar Agarwal as the director of IndiaMART with effect from January 8, 2025 up to January 7, 2027. He is liable to retirement by rotation.

IndiaMART reported a 78% year-on-year (YoY) increase in its consolidated net profit in the March quarter (Q4) of FY24 to INR 99.6 Cr as against INR 55.8 Cr in the year-ago period.

Revenue from operations grew 17% to INR 314.7 Cr from INR 268.8 Cr in Q4 FY23.

Last month, IndiaMART picked up a 10% stake in fraud detection startup Baldor Technologies for INR 89.7 Cr (about $10.7 Mn) via a secondary transaction.

Recently, domestic brokerage firm Nuvama Institutional Equities slashed its 12-month price target on IndiaMART to INR 2,650 from INR 2,800 earlier, citing its subdued subscriber addition rate.

Shares of IndiaMART closed 1.25% higher at INR 2648.80 apiece on the BSE on Friday.

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