IndiaMART InterMESH on July 21 reported a more than two-fold jump in its Q1 FY21 consolidated profit at Rs 74.1 crore, backed by strong operating performance.
Revenue from operations grew 3.9 percent to Rs 153.1 crore, primarily driven by marginal improvement in realisation of existing customers.
"Number of paying subscription suppliers were same as last year due to the challenging economic and market conditions amid the COVID-19 pandemic. Consolidated deferred revenue grew 3 percent to Rs 628 crore in Q1 FY21 YoY," the company said in a BSE filing.
Commenting on the quarter gone by, its CEO Dinesh Agarwal said, "I am pleased to report a modest financial performance in Q1 as the ongoing adverse market conditions had an anticipated impact on our customers, revenue, deferred revenue and cash flow from operations."
"Given the overall uncertainty of how long this continues, our strong balance sheet and a resilient business model will help us to navigate through the ongoing crisis. As businesses realise the need of migrating online, our strong value proposition will help us in getting back to growth soon," he added.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) shot up 99.7 percent YoY to Rs 73.3 crore and margin expanded significantly by 2,300 bps to 47.9 percent in quarter-ended June. "EBITDA margin expansion was primarily driven by various cost optimisation measures leading to sustained and temporary rationalisation of expenses," the company said.
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