Motilal Oswal's research report on IndiaMART
IndiaMART (INMART) reported 4QFY25 revenue growth of 13% YoY, vs our estimate of 15.8% YoY growth. Deferred revenue rose 17% YoY to INR16.7b. EBITDA margin was down ~240bp QoQ to 36.7%, below our estimates of 38.5%, due to increased manpower expense and outsourced sales cost. PAT stood at INR1,802m, up 49% QoQ/81% YoY, beating our estimate of INR1,056m due to higher other income. For FY25, revenue/EBITDA/PAT grew 16%/57%/64% YoY. We expect revenue/EBITDA/PAT to grow 6.4%/6.9%/2.5% YoY in 1QFY26.
Outlook
We reiterate our BUY rating on the stock, citing undemanding valuations, with a TP of INR 2,650.
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