Board of IndiaMart sets record date for 200% dividend and 1:1 bonus shares, revenue up 33% in Q4

“The Board of Directors of the Company at its meeting held on Friday, April 28, 2023 recommended a final dividend of Rs. 20/- per equity share of face value of Rs. 10/- each for FY 2022-23 (i.e. 200% of the face value), subject to the approval of the shareholders in the ensuing Annual General Meeting. The dividend will be paid within 30 days from the date of declaration of the final dividend if approved by the shareholders of the Company. Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board fixed Thursday, May 11, 2023 as the Record Date for the purpose of determining the names of members eligible for the payment of above said final dividend for FY 2022-23 whose names appear in the Register of Members maintained by the Company’s Registrar and Transfer Agents / List of Beneficial Owners, as received from the National Securities Depository Limited and Central Depository Services (India) Limited,” said Indiamart Intermesh in a stock exchange filing.

“The Board of Directors of the Company at its meeting held on Friday, April 28, 2023 recommended issue of Bonus Shares to the equity shareholders of the Company in the proportion of 1 (one) equity share of Rs. 10/- (Rupees Ten) each fully paid up for every 1 (one) existing equity share of Rs. 10/- (Rupees Ten) each fully paid up held as on the record date, subject to the approval of the shareholders in the ensuing Annual General Meeting. Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board fixed Monday, June 12, 2023 as the Record Date for the purpose of determining the list of equity shareholders of the Company, whose names appear in the Register of Members maintained by the Company’s Registrar and Transfer Agents / List of Beneficial Owners, as received from National Securities Depository Limited and Central Depository Services (India) Limited, who will be entitled for issue and allotment of bonus equity shares in the proportion of 1 (one) equity share of Rs. 10/- (Rupees Ten) each fully paid-up for every 1 (one) existing equity share of Rs. 10/- (Rupees Ten) each fully paidup of the Company,” said Indiamart Intermesh in a separate exchange filing.

On a consolidated basis, the company’s revenue from operations stood at ₹269 Cr during Q4FY23, up by 33% YoY from ₹201 Cr during Q4FY22, and during FY23, the revenue from operations stood at ₹985 Cr up by 31% from ₹753 Cr reported in FY22. Indiamart Intermesh said the growth in sales was primarily driven by a 20% increase in the number of paying subscription suppliers and the addition of Rs. 12 Crore revenue from accounting software services.

During the quarter ended March 2023, the consolidated EBITDA was Rs. 66 Crore for Q4 FY23 up by 15% from ₹57 Cr in the year-ago quarter representing an EBITDA margin of 25%. The other income increased to Rs. 31 crores, up by 4% YoY from ₹30 Cr during Q4FY22. 

During Q4FY23, the company said its net profit slipped to ₹56 Cr, down by 3% YoY from ₹57 Cr in Q4FY22 and in FY23 its PAT reached ₹284 Cr, down by 5% YoY from ₹298 Cr in FY22. 

According to the corporation, its total cash flow from operations for the quarter was Rs. 209 crore, and as of March 31, 2023, the balance of cash and investments was Rs. 2,335 crore. In the fourth quarter of FY23, IndiaMART recorded 252 million traffic and 22 million unique business inquiries. There were 7.5 million supplier storefronts, a 6% YoY growth, and 202,690 paying subscription providers, a net addition of 8,335 subscribers during the quarter. At the end of the quarter, there were 4,583 employees total, up by 170.

Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, said “We are happy to close the financial year with a continued growth in customers, revenue and cash flows while maintaining healthy margins in the business. We continue to invest in further strengthening our product, technology and building strong customer relationships. This remains integral to our long-term strategy to drive profitable growth and leverage our value proposition to create value for all our stakeholders.”

The shares of Indiamart Intermesh closed today on the NSE at ₹5,363.05 apiece level, up by 2.18% from the previous close of ₹5,248.50.