INDIAMART · Consumer Services
Indiamart Intermesh Ltd. reported revenue of ₹348 cr for July to September 2024, +18.0% on the year and +5.1% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹122 cr, a margin of 35.1%, +1,167 bps on the year and +243 bps on the quarter. It is the widest margin of the last 6 quarters (range 23.4% to 35.1%). Operating costs grew 0.0% against revenue growth of +18.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹135 cr, +95.7% on the year and +18.4% on the quarter, with earnings per share of ₹22.52. Profit before other income, one-offs and tax grew 91.4%, so 4 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average.
On earnings per share of ₹71.79 over the last four quarters, the stock at ₹1,630.40 trades at 22.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹295 cr | ₹305 cr | ₹315 cr | ₹331 cr | ₹348 cr | ₹354 cr | ₹355 cr | ₹372 cr | ₹391 cr | ₹402 cr | ₹404 cr | ₹414 cr |
| YoY | — | — | — | +17% | +18% | +16% | +13% | +12% | +12% | +14% | +14% | +11% |
| EBITDA margin | 23.4% | 25.6% | 24.4% | 32.6% | 35.1% | 35.0% | 33.5% | 32.0% | 29.7% | 29.9% | 29.7% | 31.9% |
| Other income, % of PBT | 38% | 38% | 55% | 35% | 37% | 28% | 50% | 45% | 8% | 55% | −44% | 46% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 28% | 25% | 24% | 24% | 17% | 25% | 30% | 24% | 36% | 26% |
| Net profit | ₹69.0 cr | ₹82.0 cr | ₹100 cr | ₹114 cr | ₹135 cr | ₹121 cr | ₹181 cr | ₹154 cr | ₹83.0 cr | ₹188 cr | ₹50.0 cr | ₹172 cr |
| YoY | — | — | — | +37% | +96% | +48% | +81% | +35% | −39% | +55% | −72% | +12% |
| Core profit YoY | — | — | — | +72% | +91% | +68% | +76% | +14% | −2% | −2% | +3% | +12% |
| EPS | ₹11.57 | ₹13.65 | ₹16.61 | ₹19.01 | ₹22.52 | ₹20.16 | ₹30.08 | ₹25.57 | ₹13.78 | ₹31.34 | ₹8.35 | ₹28.63 |
| Flags | 1 | 1 | 1 | ✓ | ✓ | ✓ | 2 | 2 | 2 | 4 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indiamart Intermesh Ltd. reported revenue of ₹348 cr (+18.0% on the year) and net profit of ₹135 cr (+95.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +91.4% on the year, against +95.7% for reported profit.
None of the 7 checks that could run raised a question.
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