IndiaMart InterMESH climb 10% after Share buyback Plan

Today, shares of IndiaMART InterMESH Ltd rose after it reported financial results for the quarter that ended June 2023 or Q1FY24 and a share buyback plan. IndiaMART was the first and largest B2B digital marketplace in the country, today stands out as a game-changer on the B2B landscape. It focuses on integrating Small and Medium Businesses (SMEs) into the new paradigm with speed and ease, we are constantly pushing the frontiers of innovation to make the online marketplace more accessible, visible and engaging to them. 

Speaking about the financials for the Q1FY24 on a consolidated basis the company’s net revenue grew by 50.35% YoY to Rs 339.2 crore from Rs 225.6 crore in the corresponding quarter last year. On a sequential basis, net revenue increased by 13.26% from Rs 299.5 crore. The profit after tax (PAT) increased by 77.94% YoY to Rs 83.1 crore from Rs 46.7 crore in the corresponding quarter last year. On a sequential basis, the company showed an increase in net profit by 48.92% from Rs 55.8 crore. 

The company approved a buyback proposal for 12,50,000 equity shares at Rs 4000 per share, totalling Rs 500 crores. The buyback represents 2.04% of total equity shares. The company has plans to buy back at the premium price by 37.96% from Thursday’s closing.    

Today, the scrip opened at Rs 3100 and currently it is trading at Rs 3186.65, up by 9.91%. Today it also hit a fresh 52-week high at Rs 3205 and it has a 52-week low of Rs 1965. The company has a market capitalization of around Rs 19,200 crore. Over the past year shares of the company have given around a 49.92% return.

Currently, Promoter holding stood at 49.22%, and Institutions and Non-Institutions stood at 36.32% and 14.46%, respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.