Revenue from operations grew by 22.5% to Rs 294.70 crore in the quarter ended 30 September 2023.

Consolidated deferred revenue stood at Rs 1,244 crore as on 30 September 2023, registering a growth of 26% YoY.

Profit before tax increased marginally to Rs 93.30 crore in Q2 FY24 as against Rs 92.70 crore posted in Q2 FY23.

The company said that it has continued making growth investments in manpower, product and technology, sales and servicing resulting into growth in revenue and paying subscription suppliers.

EBITDA in Q2 FY24 was at Rs 80 crore, up 19% from Rs 67 crore reported in Q2 FY23. EBITDA margin declined to 27% in Q2 FY24 as compared to 28% registered in the same period a year ago.

Cash flow from operations for the quarter stood at Rs 102 crore. Cash and investments balance was at Rs 1,910 crore as on 30 September 2023.

IndiaMART registered traffic of 288 million and unique business enquiries of 24 million in Q2 FY24; representing a YoY growth of 10% and 6% respectively. Supplier storefronts grew to 7.7 million, an increase of 5% YoY and paying subscription suppliers grew to 2,09,747 representing net addition of 2,064 subscribers during the quarter.

On standalone basis, the company's net profit rose 11.7% to Rs 82.90 crore on 22.5% increase in revenue to Rs 280.70 crore in Q2 FY24 over Q2 FY23. The rise in the revenue was primarily driven by 12% growth in number of paying subscription suppliers as compared to last year. Revenue from operations of busy infotech grew by 24% YoY to Rs 13 crore.

Dinesh Agarwal, chief executive officer, said, “This is the result of investments made in further strengthening our value proposition and enhancing the user experience for businesses. With the rising internet adoption and on the back of healthy cash flows, we are confident of the long-term growth and sustained value creation for all our stakeholders.”

IndiaMART is India's largest online B2B marketplace for business products and services. The company connects buyers and sellers across product categories and geographies in India through business enablement solutions. It provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.

Shares of IndiaMART InterMESH rallied 4.06% to end at Rs 2,766.20 on Friday, 27 October 2023.