BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
IndiaMart InterMesh Ltd.’s Q4 FY22 performance was weaker than expected led by a major miss on margin (at 28.4%), down 13.5% QoQ and below our estimate of 32.7%.
However, sales growth was above expectations at 12% YoY and 7.1% QoQ with the highest ever customer additions of 13,000 (above our expectation of 7,000).
Collections continued to be encouraging at up 17% YoY, suggesting good visibility on FY23E revenue growth. Similarly, deferred revenue rose 25% YoY to Rs 9.1 billion, which should support 20% plus revenue growth in FY23E.
With travel opening up, rising spend levels, and continued supply-side squeeze, IndiaMart’s management anticipates Ebitda margin to stay compressed in FY23.
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