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Yes Securities Report
Overall, IndiaMart InterMesh Ltd. reported mixed performance as reported revenue was inline; but, the Ebitda margin was below expectation on higher investment in manpower and sales and distribution during the quarter.
The addition in paid customers was among the highest in recent quarters and that was also reflected in the growth in collections. Most of traffic on the portal is organic driven led by strong value proposition with little spending on advertising.
IndiaMart continues to be a leader in business-to-business online classified segment with around 70% market share and remains a strong play on rising adoption of internet among small and medium enterprises.
We estimate revenue compound annual growth rate of 21.3% with average Ebit margin of 37.1% over the period.
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