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Yes Securities Report
Overall, IndiaMart Intermesh Ltd.'s financial performance was inline for the quarter. The revenue growth was strong led by robust addition in paid customers. The growth in paid customers is expected to be between 8,000‐9,000 per quarter going ahead.
The Ebitda margin has stabilised (still lower than margin witnessed during Q1 FY21‐Q3 FY22) on continued investment in manpower, sales and distribution during the quarter.
The growth in collections remain robust and provides strong growth outlook. Most of traffic on the portal is organic driven led by strong proposition with little spending on advertising.
IndiaMart continues to be a leader in business-to-business online classified segment with around 70% market share and remains a strong play on rising adoption of internet among small and medium enterprises.
We estimate revenue compound annual growth rate of 26.6% over FY22‐24E with average Ebit margin of 32.8% over the period.
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