Indiamart Q3 net profit down 27 percent to Rs 82 crore

Business-to-business (B2B) e-commerce marketplace Indiamart witnessed a 27 percent decline in net profit to Rs 82 crore ($10 million), as against Rs 113 crore in the year-ago period.

The company’s revenue for the quarter rose by 22 percent to Rs 305 crore, as against Rs 251 crore posted in the corresponding period of the previous fiscal year.

Indiamart’s total expenses during the quarter increased by 20 percent to Rs 230 crore, as against Rs 92 crore in the year-ago period.

Commenting on the results, Dinesh Agarwal, CEO at Indiamart in a statement said, “We are pleased to report modest growth in revenue, deferred revenue, and healthy operating margins in the third quarter. We continue to focus on enhancing customer experience on our platform and drive deeper penetration of paying customers across cities, enabling businesses to grow online.”

“We remain confident of sustained profitable growth and cash flows as we leverage market opportunities amidst increasing digital adoption by businesses,” he added.

During the October-December quarter, Indiamart registered online traffic of 272 million and unique business enquiries of 23 million representing a year-on-year growth of 9 percent and 4 percent, respectively.