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Motilal Oswal Report
IndiaMart Intermesh Ltd. delivered a strong performance in Q1 FY23, with revenue up 24% YoY and 12% QoQ (in line). Collections grew a strong 49% YoY to Rs 2.5 billion, suggesting good visibility on FY23E revenue growth.
Deferred revenue rose 32% YoY to Rs 9.6 billion, which should support 25% revenue growth in FY23E. Strong paying subscriber additions (up 10,000 QoQ) are encouraging.
Ebitda margin was largely flat QoQ at 28.6% (estimate: 26.3%) due to lower than expected manpower expenses.
We expect IndiaMart to deliver 23% revenue compound annual growth rate over FY22-24 on the back of sustained paying subscriber additions and resumption of price hikes after a hiatus during the Covid-19 induced slowdown.
With continued investments on growth, the management expects Ebitda margin to be in the 28-30% range in FY23.
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