IndiaMart InterMesh – Margins Surprised Positively In Q1: Anand Rathi

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Of its customers, ~30%/~30%/~40% have been with IndiaMart InterMesh Ltd. for less than one year (silver monthly/annual)/one to two years (gold)/ more than three years (platinum).

Greater churn has been seen in the first category due to the Covid-19 second wave.

Because of this, collections and the number of paid subscribers of IndiaMart InterMesh in Q1 FY22 declined respectively ~37.5% and ~4% QoQ.

Average revenue per user rose ~5.8% QoQ from upselling gold customers to platinum.

The 48.8% Ebitda margin surprised, primarily driven by benefits arising from various cost-optimisation measures.

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Anand Rathi IndiaMart InterMesh Company Update.pdf


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