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Motilal Oswal Report
IndiaMart Intermesh Ltd. reported Q2 FY25 revenue growth of 18% YoY/5% QoQ, in line with our estimate of 18.8% YoY growth. Collection growth was soft at 6% YoY to Rs 3.5 billion. Deferred revenue rose 19% YoY to Rs 14.8 billion. Ebitda margin expanded ~270 bp QoQ, above our estimates of 31.1%, driven by lower employee expenses and outsourced sales costs.
For H1 FY25, revenue/Ebitda/profit after tax grew 17.7%/61.8%/63.6% compared to H1 FY24. We expect revenue/Ebit/PAT to grow by 18.0%/24.9%/2.0% YoY in H2 FY25. Adjusted PAT was Rs 1,352 million, up 19% QoQ/96% YoY, beating our estimate of Rs 966 million.
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