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Indiamart Q2 net profit jumps about 8-folds to Rs 70 crore

The revenue from operations of the company increased by 4 percent to Rs 163 crore during the reported quarter from Rs 157 crore it recorded in the corresponding quarter of 2019-20.

November 09, 2020 / 10:40 PM IST
 
 
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B2B e-commerce firm Indiamart Intermesh on November 9 posted nearly eight-fold jump in its consolidated net profit at Rs 70 crore for the second quarter ended September 30, 2020. The company had reported a net profit of Rs 9 crore in the corresponding period a year ago.

"As we navigate through these unprecedented times and a volatile environment, we are happy to report a moderate financial performance in this quarter," Indiamart CEO Dinesh Agarwal said in a statement.

With pick-up in business 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 maintain healthy margins as well as cashflow," Agarwal added.

The revenue from operations of the company increased by 4 percent to Rs 163 crore during the reported quarter from Rs 157 crore it recorded in the corresponding quarter of 2019-20.

The company's said that during the second quarter, there was marginal improvement in realisation of existing customers and increase in number of paying subscription suppliers amidst the ongoing COVID-19 pandemic.

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Indiamart said that it registered a traffic growth of 32 percent year-on-year to 25.9 crore in July-September 2020, compared to 19.6 crore in the same period a year ago. Paid subscribers of Indiamart grew by 3 percent during the reported quarter to 1.41 lakh, the company said.

Shares of Indiamart closed at Rs 5,017.75, up 1.12 percent compared to previous close, on the BSE.
PTI
first published: Nov 9, 2020 10:40 pm

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