BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
We believe IndiaMart Intermesh Ltd. is likely to deliver strong revenue growth of ~34% YoY in FY23E despite declining margins as it hires personnel aggressively to capture growth in the discovery and classifieds space over FY23E-FY25E (revenue compound annual growth rate of ~64.6%).
We believe the margins reported in FY22 were one-off and we are not overly concerned about a likely decline in FY23E.
We expect margins to improve in FY24E/FY25E as increased collections arising from investments into the workforce start to reflect in revenue.
We estimate Ebitda margin to improve by ~350 basis points over FY23E-FY25E.
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