Weak supplier addition to weigh on near-term growth

Company
19 Jan 2024
5 Min read 
  • IndiaMART reported weak 3QFY24 results with low collection growth and weak supplier addition.
  •  Underlying fundamentals remain intact, and the company reiterates a BUY rating.
  •  Financials and valuations show a positive outlook with expected growth in sales and profitability.
  •  Shareholding pattern shows a significant stake held by promoters and foreign institutional investors.
  •  Management commentary highlights the challenges in customer growth and efforts to address churn.
  •  Traffic and paid supplier additions have shown moderation in growth.
  •  ARPU has continued to increase, indicating potential for higher revenue.
  •  Valuation and view suggest a potential upside with a DCF-based TP of INR 3,000.
  •  Revised estimates show improvements in earnings and margins.
  •  Cash flow statement reflects the company's financial performance and investment activities.
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