Indiamart posts profit of Rs 31.4 cr in Q1, FY'20
Business-to-business e-commerce firm Indiamart Intermesh posted a consolidated profit of Rs 31.4 crore for the quarter ended on June 30, 2019. The company had recorded a loss of Rs 56.7 crore in the same period a year ago.
The total consolidated income of Indiamart increased by 37.5 per cent to Rs 161.6 crore during the reported quarter from Rs 117.5 crore in the corresponding period of 2018-19. "Consolidated revenue from operations grew by 30 per cent on YoY basis due to increase in number of paying subscribers as well as higher realisation from existing customers.
"Consolidated Deferred Revenue grew by 32 per cent from Rs 461 crore in first quarter of financial year 2019 to Rs 610 crore in first quarter of FY 2020 Crore leading to much better visibility for revenues in future," Indiamart said in a statement. Paying subscription suppliers increased to 1.32 lakh from 1.13 lakh on yoy basis.
"Our growth is a result of focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry,” Indiamart Intermesh, Managing Director, Dinesh Agarwal said.
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