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Motilal Oswal Report
IndiaMART InterMESH Ltd. delivered in line revenue and margin performance in Q2 FY22. Paid suppliers increased by 4,000 (+3% QoQ and 6% YoY), while ARPU dipped by 2.6% QoQ due to a higher share of suppliers within a lower package.
Collections surged by 31% QoQ and 37% YoY, providing visibility on its near term revenue performance. We expect collections to continue to trend higher in coming quarters. Deferred revenue is up 4% QoQ and 20% YoY, which provides better visibility on FY23 revenue.
Margin was in line, with Ebitda margin at 45.6% (est. 45.6%). Sequentially, margin dipped by 320bp on account of higher employee cost.
The management expects paid suppliers to accelerate, led by higher sales traction and lower customer churn. Management expects ARPU and revenues to sustainably grow at 5% and 20-30% respectively.
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