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ICICI Securities Report
In Q4 FY24, IndiaMart InterMesh Ltd. added ~2700 net subscribers, which is an improvement from ~1900 added in Q3 FY24. We believe this metric is likely to improve sequentially going ahead as the proportion of new subscribers (<1-year-old who have historically been more susceptible to churn) in FY25E may be lower versus FY24.
We estimate 5000-6000 quarterly net subscriber addition by Q2 FY25E. Management also sounded more confident of reverting to more than 20% YoY collection and revenue growth with >100 basis points YoY Ebitda margin expansion in the near term.
Given the stock has remained rangebound over the last year on account of limited visibility on growth, improving earnings outlook could drive re-rating. Maintain Buy with target price of Rs 3,500.
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