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.
Motilal Oswal Report
IndiaMart Intermesh Ltd. delivered a strong performance in Q1 FY23, with revenue up 24% YoY and 12% QoQ (in line). Collections grew a strong 49% YoY to Rs 2.5 billion, suggesting good visibility on FY23E revenue growth.
Deferred revenue rose 32% YoY to Rs 9.6 billion, which should support 25% revenue growth in FY23E. Strong paying subscriber additions (up 10,000 QoQ) are encouraging.
Ebitda margin was largely flat QoQ at 28.6% (estimate: 26.3%) due to lower than expected manpower expenses.
We expect IndiaMart to deliver 23% revenue compound annual growth rate over FY22-24 on the back of sustained paying subscriber additions and resumption of price hikes after a hiatus during the Covid-19 induced slowdown.
With continued investments on growth, the management expects Ebitda margin to be in the 28-30% range in FY23.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
