E-commerce firm Indiamart posted a 57 percent rise in consolidated net profit to Rs 44 crore ($5.8 million) in the fourth quarter ended on March 31, 2020, as against a net profit of Rs 28 crore in the same period of 2018-19. The company’s revenue for the quarter rose by 22 percent to Rs 187 crore during the quarter, as against Rs 159 crore it had reported in the year-ago period.
For the fiscal year 2019-20, Indiamart’s net profit rose significantly to Rs 147 crore from Rs 20 crore in 2018-19 while its revenue for the year grew 29 percent to Rs 707 crore from Rs 548 crore last year.
The firm’s growth in cash flow from operations and deferred revenues remained subdued as the economy continued to face strong headwinds. While it expects short term decline in demand and business activity due to the ongoing turbulence, its believe that its value proposition will only become stronger as more and more businesses look for transforming themselves and adapt to online.
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.