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IndiaMart Q3 Results Review - Revenue Growth Momentum Continues: ICICI Securities

IndiaMart InterMesh's Q3 FY23 revenue grew ~34% YoY and ~4.5% QoQ.

<div class="paragraphs"><p>Close up of a man shopping with laptop. (Photo: Eugene Barmin/ freepik)</p></div>
Close up of a man shopping with laptop. (Photo: Eugene Barmin/ freepik)

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. 

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.

Click on the attachment to read the full report:

ICICI Securities Indiamart Q3FY23 Results.pdf

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