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Motilal Oswal Report
IndiaMart InterMesh Ltd.'s Q4 FY22 performance was weaker than expected led by a major miss on margin (at 28.4%), down 13.5% QoQ and below our estimate of 32.7%.
However, sales growth was above expectations at 12% YoY and 7.1% QoQ with the highest ever customer additions of 13,000 (above our expectation of 7,000).
Collections continued to be encouraging at up 17% YoY, suggesting good visibility on FY23E revenue growth. Similarly, deferred revenue rose 25% YoY to Rs 9.1 billion, which should support 20% plus revenue growth in FY23E.
With travel opening up, rising spend levels, and continued supply-side squeeze, IndiaMart's management anticipates Ebitda margin to stay compressed in FY23.
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