E-commerce firm Indiamart Intermesh on Tuesday posted a nearly eight-fold jump in its consolidated net profit at Rs 70 crore for the second quarter.
The company had reported a net profit of Rs 9 crore in the corresponding period a year ago.
“As we navigate through these unprecedented times and a volatile environment, we are happy to report a moderate financial performance in this quarter,” said Indiamart CEO Dinesh Agarwal in a statement.
With the pick-up in business activity and increasing realization for online adoption by small and medium businesses, “our revenue and customers have shown a positive recovery trend and helped us to maintain healthy margins as well as cash flow,” he added.
The revenue from operations of the company increased by 4 percent to Rs 163 crore during the reported quarter from Rs 157 crore it recorded in the corresponding quarter of 2019-20.
The company said that during the second quarter, there was a marginal improvement in the realization of existing customers and an increase in the number of paying subscription suppliers amidst the ongoing COVID-19 pandemic.
Paid subscribers of Indiamart grew by 3 percent during the reported quarter to 1.41 lakh, they added.
Indiamart said that it registered traffic growth of 32 percent year-on-year to 25.9 crores in July-September 2020, compared to 19.6 crores in the same period a year ago.
Shares of Indiamart closed at Rs 5,017.75, up 1.12 percent compared to the previous close, on the BSE.