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Anand Rathi Report
Of its customers, ~30%/~30%/~40% have been with IndiaMart InterMesh Ltd. for less than one year (silver monthly/annual)/one to two years (gold)/ more than three years (platinum).
Greater churn has been seen in the first category due to the Covid-19 second wave.
Because of this, collections and the number of paid subscribers of IndiaMart InterMesh in Q1 FY22 declined respectively ~37.5% and ~4% QoQ.
Average revenue per user rose ~5.8% QoQ from upselling gold customers to platinum.
The 48.8% Ebitda margin surprised, primarily driven by benefits arising from various cost-optimisation measures.
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