B2B e-commerce company IndiaMART on Tuesday posted a 57 percent rise in consolidated net profit to Rs 44 crore in the fourth quarter ended on March 31, 2020. The company had recorded a net profit of Rs 28.2 crore in the same period of 2018-19.
The consolidated revenue of the IndiaMART InterMESH increased by about 22 percent to Rs 187.3 crore during the reported quarter from Rs 152.8 crore a year ago.
For the year ended March 31, 2020, IndiaMART posted more than seven-fold jump in its net profit at Rs 147.4 crore from Rs 20 crore in 2018-19.
The revenue of the company increased by 29 percent to Rs 707 crore in 2019-20 from Rs 548 crore in FY19.
"Our growth in cash flow from operations and deferred revenues remained subdued as the economy continued to face strong headwinds.
"While we expect short term decline in demand and business activity due to the ongoing turbulence, we believe our value proposition will only become stronger as more and more businesses look for transforming themselves and adapt to online," IndiaMART chief executive officer Dinesh Agarwal said in a statement.Shares of IndiaMART closed at Rs 2,192.25 apiece on BSE, down by 2.6 percent compared to the previous close.