Indiamart Q3 net profit jumps 120 percent to Rs 63 crore
today Jan 22, 2020
E-commerce Company Indiamart witnessed a 120 percent jump to Rs 63 crore ($9 million) in its net profit for the third quarter ended December 2019 as against Rs 29 crore it had reported in the year-ago period.
The company’s sales revenue during the October-December period rose 23 percent to Rs 160 crore as against Rs 131 crore it had reported in the corresponding quarter of the fiscal year 2018.
Indiamart attributed the rise in profit and revenue to an increase in the number of paying subscribers as well as a higher realisation from existing customers.
“The company continued its growth despite the challenging business environment. Our focus on operational efficiency has helped us improve our profitability in these times,” said Dinesh Agarwal CEO of Indiamart said in a statement.
“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," Agarwal added.
The company’s website traffic grew by 9 percent to 188 million in the third quarter from 173 million in had registered in Q3 of the previous financial year.
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