Indiamart’s clocks in 29 per cent net profit in Q3

B2B e-commerce firm Indiamart Intermesh posted 29 per cent increase in its consolidated net profit at Rs 80 crore for the third quarter. The company had reported a net profit of Rs 62 crore in the year-ago period. Its revenue from operations stood at Rs 174 crore in the third quarter of 2020-21, up 5 per cent from Rs 165 crore in the corresponding period last fiscal. The company attributed this growth to marginal improvement in realisation of existing customers and increase in number of paying subscription suppliers.

The firm sees improvement in overall demand environment and business activity. With the emerging accelerated digitisation needs of businesses, the company is looking forward to kick-starting the New Year on an optimistic note.

The company said its consolidated deferred revenue declined from Rs 649 crore in the third quarter of FY20 to Rs 633 crore in the December quarter of FY21. On a sequential basis, net profit was higher by 15 per cent from Rs 70 crore, while revenue was higher by 6 per cent from Rs 163 crore in the September 2020 quarter.