Indiamart Intermesh has big hipe in its consolidated net income for the second quarter

Indiamart Intermesh has posted nearly eight-fold jump in its consolidated net income at ₹70 crore for the second quarter ended September 30, 2020. 

Indiamart Intermesh has big hipe in its consolidated net income for the second quarter
Indiamart

Indiamart Intermesh has posted nearly eight-fold jump in its consolidated net income at ₹70 crore for the second quarter ended September 30, 2020. the corporate had reported a net income of ₹9 crore within the corresponding period a year ago.The revenue from operations of the corporate increased by 4% to ₹163 crore during the reported quarter from ₹157 crore it recorded within the corresponding quarter of 2019-20.

The results were announced after market hours on Monday. Indiamart Intermesh shares were trading 2.7% lower in early trade today at ₹4,881 on BSE. Indiamart shares had run up sharply from its March lows of ₹1,641.20."EBIT margin was highest-ever at 47% (v/s est. 34%, +27pp YoY and +240bp QoQ). This was led by optimization across cost items. Employee expenses reduced 29% YoY, while outsourcing sales cost declined 28% YoY," domestic brokerage Motilal Oswal said during a note.

"As we navigate through these unprecedented times and a volatile environment, we are happy to report a moderate financial performance during this quarter," Indiamart CEO Dinesh Agarwal said during a statement.With pick-up in commercial activity and increasing realisation for online adoption by small and medium businesses, "our revenue and customers have shown a positive recovery trend and helped us to take care of healthy margins also as cashflow," Agarwal added.

The company's said that in the second quarter, there was marginal improvement in realisation of existing customers and increase in number of paying subscription suppliers amidst the continued COVID-19 pandemic.Indiamart said that it registered a traffic growth of 32 per cent year-on-year to 25.9 crore in July-September 2020, compared to 19.6 crore within the same period a year ago.

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