IndiaMart InterMesh Ltd shares soared over 18% in intra-day trade on Wednesday to hit new record highs after the company’s earnings for the third quarter ended December (Q3) exceeded estimates.
At 10:42am, IndiaMart InterMesh shares were trading at Rs 2,469.35 apiece, up 18%, after hitting an all-time high of Rs 2,475. The stock has jumped by a massive 88% in the last one year compared with an 11.5% rise in the benchmark Nifty 50 index.
IndiaMart’s net profit for the December quarter, after deferred tax credit of Rs 22.9 crore, stood at Rs 62 crore as against Rs 27.7 crore in the year-ago quarter and Rs 8.7 crore in the previous quarter.
Consolidated total revenue from operations grew 23% year-on-year to Rs 165 crore, up 23% compared with a year ago, mainly due to an increase in the number of paying subscribers as well as higher realisation from existing customers.
At the operating level, consolidated Ebitda (earnings before interest, tax, depreciation and amortization) for the December quarter came in at Rs 44 crore. Margins also expanded to 26% during the quarter from 21% in the year-ago period partly due to an increase in revenues and adoption of IndAS 116.
IndiaMart reported earnings per share (EPS) of Rs 21.12 for the third quarter compared with Rs 9.59 in the year-ago quarter and Rs 2.95 for the previous quarter.
“Our focus on operational efficiency has helped us improve our profitability in these times. Going forward, we are hopeful to witness an improvement in the macroeconomy, we remain committed to strengthen our business model and enhance the value proposition for our customers,” said Dinesh Agarwal, CEO of IndiaMart.
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