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Motilal Oswal Report
IndiaMART Intermesh Ltd. delivered in line revenue performance in Q4 FY21.
While paid suppliers remain modest (at 4,000 versus their target of approximately 5,000), collections jumped 53% QoQ (partially led by seasonality) and 34% YoY.
Margin remained resilient, with Ebit margin at 45.6% (versus our estimate of 44%).
Expected sequential moderation in margin was cushioned by yet another quarter of headcount rationalization.
Channel sales partners are acting as a partial substitute for those involved in acquiring new accounts.
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