Indiamart Q3 net profit up 29 percent to Rs 80 crore
B2B e-commerce firm Indiamart Intermesh reported a 29 percent rise in its consolidated net profit to Rs 80 crore ($11 million) for the third quarter ended December 31, 2020, as against a net profit of Rs 62 crore it reported in the year-ago period.
The company’s revenue for the quarter rose 5 percent to Rs 174 crore, as against Rs 165 crore it reported in the corresponding period last fiscal.
Commenting on the Q3 results, Indiamart Intermesh chief executive officer, Dinesh Agarwal, in a statement said: “We are pleased to report a resilient financial performance this quarter with a steady recovery in the business parameters while maintaining healthy margins and cashflows. The firm sees improvement in the overall demand environment and business activity.
“Our strong value proposition, customer relationships and balance sheet make us confident of supporting businesses in their transformation to online. With the emerging accelerated digitisation needs of businesses, the company is looking forward to kick-starting the new year on an optimistic note,” he added.
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.
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