Revenue from operations jumped 31% to INR 985 Cr in the fiscal year ended March 2023 from INR 753 Cr in FY22
IndiaMART’s total expenses rose over 63% to INR 757 Cr in FY23 from INR 463 Cr in FY22
The B2B marketplace’s net profit fell 3% to INR 55.8 Cr in the quarter ended March 2023 from INR 57.4 Cr in Q4 FY22
Hit by rising expenses, B2B marketplace IndiaMART InterMESH saw its consolidated net profit fall nearly 5% year-on-year to INR 283.8 Cr in the fiscal year 2022-23 (FY23). The Noida-based company had reported a net profit of INR 297.6 Cr in the previous financial year.
Revenue from operations jumped 31% to INR 985 Cr in the fiscal year ended March 2023 from INR 753 Cr in FY22. Total income also zoomed 34% to INR 1,166 Cr from INR 866 Cr in FY22.
However, total expenses rose over 63% to INR 757 Cr in FY23 from INR 463 Cr in FY22.
Employee benefit expenditure accounted for the biggest chunk of expenses, rising 58% to INR 424.7 Cr in FY23 from INR 267.6 Cr in FY22. Other expenses also surged 64% to INR 292.8 Cr during the year under review from INR 178.1 Cr in the year ended March 2022.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 13% to INR 268 Cr from INR 308 Cr in FY22, while EBITDA margin contracted to 27% from 41% in the previous fiscal.
Adjusted EBITDA, that is EBITDA before ESOP expenses, stood at INR 294 Cr as against INR 318 Cr in FY22. IndiaMART’s employee share based payment expense increased to INR 27 Cr in FY23 from INR 10 Cr in the previous year.
Meanwhile, the B2B marketplace’s net profit fell 3% to INR 55.8 Cr in the quarter ended March 2023 from INR 57.4 Cr in Q4 FY22. Sequentially, the number declined by half from INR 112.8 Cr in the quarter ended December 2022.
Revenue from operations rose 33% to INR 269 Cr in Q4 FY23 from INR 201 Cr in the year-ago quarter.
Commenting on the results, IndiaMART cofounder and CEO Dinesh Agarwal said, “We continue to invest in further strengthening our product, technology and building strong customer relationships. This remains integral to our long-term strategy to drive profitable growth and leverage our value proposition to create value for all our stakeholders.”
IndiaMART’s cash generated from operations stood at INR 476 Cr in FY23 as against INR 402 Cr in FY22.
The marketplace witnessed an uptick in key operational metrics during the March 2023 quarter. It registered a traffic of 25.2 Cr users and 2.2 Cr unique business enquiries in Q4. Supplier storefronts also rose 6% YoY to 75 Lakh, while the company added 8,335 new paying subscription suppliers in the quarter under review. In total, subscribers grew to 2.02 Lakh in Q4 FY23.
At the end of FY23, the company employed a workforce of 4,583, witnessing a growth of nearly 4%, or 170 employees, over Q3 FY23.
Meanwhile, the company’s board also recommended issuance of bonus shares in the ratio of 1:1 and a dividend of INR 20/share.
Shares of IndiaMART ended 2.25% higher at INR 5,364.15 on the BSE on Friday.
