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ICICI Securities Report
IndiaMart InterMesh Ltd.'s Q3 FY23 revenue grew ~34% YoY and ~4.5% QoQ. We believe this reiterates our thesis on strong growth in the business-to-business e-commerce segment.
IndiaMart continued to hire aggressively (number of employees increased ~8% QoQ and ~39% YoY), which means employee cost increases were responsible for offsetting scale-driven margin improvements.
While resultant Ebitda margin (~28%) is in line with the management guidance post Q2 FY23 result, most investors will look forward to more clarity on FY24 revenue target given the hiring trajectory.
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