Shares of Indiamart Intermesh Ltd. surged over 8% to hit a 52-week high on Friday after its first-quarter profit beat estimates and its board approved share buyback plans.
The company's net profit rose 77.9% year-on-year to Rs 83.1 crore in the quarter ended June, according to an exchange filing. That beats Bloomberg's estimate of Rs 71.4 crore.
The board of the online B2B marketplace approved a buyback of up to Rs 500 crore, consisting of 12.5 lakh shares and representing a 2.04% stake, via a tender offer. The buyback price will be Rs 4,000 per share, indicating a premium of 38% over Thursday’s closing price, according to an exchange filing.
Indiamart Intermesh Q1 FY24 (Consolidated, YoY)
Revenue up 25.65% to Rs 282.1 crore. (Bloomberg estimate: Rs 277 crore).
Ebitda up 20.59% at Rs 77.35 crore. (Bloomberg estimate: Rs 75 crore).
Margin at 27.41% vs. 28.57% (Bloomberg estimate: 27%)
Net profit up 77.9% at Rs 83.1 crore. (Bloomberg estimate: Rs 71.4 crore).
Shares of Indiamart were trading 7.84% higher at Rs 3,128 apiece at 11.18 am, compared to a 0.95% decline in the NSE Nifty 50. The stock had jumped 8.60%, the most since September 2022, to Rs 3,150 apiece.
The total traded quantity so far in the day stood at 19.9 times the 30-day average volume. The relative strength index stands at 69.69.
Of the 21 analysts tracking the company, 15 maintain a 'buy', two maintain a 'hold', and four recommend a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 7.5%.
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