Indiamart Intermesh, the B2B e-commerce firm, has reported a 26 percent increase in consolidated net profit to Rs 56 crore for the fourth quarter ended March 31, 2021. The company had posted a net profit of Rs 44 crore in the same period a year ago.
The company’s total income rose by about 1 percent to Rs 190 crore during the reported quarter from Rs 187 crore in the corresponding period of 2019-20.
Dinesh Agarwal, CEO of Indiamart Intermesh, said in a statement, “Strong response from global and domestic investors leading to successful closure of QIP offering in this volatile market environment further demonstrated their confidence in the business model.”
“During these trying times, we remain committed to employee safety and customer-centric approach helping businesses grow through online transformation,” he added.
During the quarter under review, Indiamart completed its qualified institutional placement (QIP) of equity shares by raising Rs 1,070 crore. The firm is planning to utilise the proceeds for future growth and expansion.
Agarwal further elaborated, “With a stronger balance sheet we will continue to invest in strengthening our value proposition further, positioning us well to leverage the emerging long term market opportunities.”
Indiamart Intermesh reported a 90 percent increase in consolidated net profit to Rs 280 crore for the year ended March 31, 2021, compared to Rs 147 crore in 2019-20. The total income of the company increased by 7 percent to Rs 756 crore in 2020-21 from Rs 707 crore in the preceding fiscal.