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Indiamart Q1 results: Indiamart Q1 results: Net profit increases 19% to Rs 88 crore

New Delhi: B2B e-commerce platform Intermesh on Thursday posted a 19% increase in its consolidated net profit to Rs 88 crore for the quarter ended June 30, 2021. The company had posted a net profit of Rs 74 crore as of during the same period a year ago.

“We were able to weather the disruption caused by the second wave of COVID much better than last year and have maintained profitable growth this quarter.

“Our goal was to continue to support customers as well as employees at a time that had been personally difficult for many,” Indiamart Managing Director Dinesh Agarwal said in a statement.

Operating income increased 19% to Rs 182 crore during the reporting period, compared to Rs 153 crore in the corresponding quarter of 2020-2021.

“As the global demand environment improves, due to our strong network effect, our financial position and our investments in strengthening the value proposition, we will continue to support businesses that transform into online and capitalize on new growth opportunities arising from the accelerated adoption of the Internet, ”Agarwal said.

Indiamart also filed a “declaration of discrepancy or variation in the use of funds raised via QIP by the Company, for the quarter ended June 30, 2021, examined by the audit committee”.

The statement concerned the use of funds from the Rs 1,051.2 crore proceeds that the company raised through Qualified Institutional Placement (QIP) on February 22, 2021.

Indiamart’s file indicated that the expenses incurred against the QIP amounting to Rs 19 crore were adjusted from the stock premium account.

“According to the Offering Document, QIP’s revenues are to increase for future growth and expansion. Of these revenues, the company has used 305 million rupees for new investments made during the current quarter ended June 30, 2021. The balance of the net amount of QIP the product remains invested in liquid instruments, ”the record indicates.

Indiamart shares closed at Rs 7,010.7 apiece, down 0.43%, against BSE on Thursday

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