For the year ended March 31, 2023, Indiamart reported a net profit of Rs 283.8 crore on a total revenue of Rs 1,165.9 crore. While the FY23 revenues were up 35% year on year, the profit was marginally lower from Rs 297.9 crore recorded in FY22.
The company also reported current financial assets such as cash, cash equivalents, investments and loans of Rs 2,271.8 crore as of March 31 this year.
“…the board of directors of Indiamart Intermesh Ltd, will also consider the proposal for buyback of fully paid up equity shares of the company,” it said in an exchange filing. The company will also declare its financial results for the April-June quarter on Thursday.
Indiamart claims to have a 60% market share of the online B2B classified space in India and focuses on providing a platform to small & medium enterprises (SMEs), large enterprises as well as individuals.
During FY23, Indiamart’s board of directors had also recommended the issue of bonus shares in the proportion of 1:1, in addition to a final dividend of Rs 20 per equity share for the fiscal.
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The company has not disclosed the size of its proposed share buyback yet, but it comes at a time when the broader stock markets continue to scale new highs. On Monday, the 30-stock benchmark index Sensex touched an all time high of 66,656.21 before ending the trade at 66,589.93, up 0.80%.Earlier this year in February, fintech company One 97 Communications Ltd, which operates the Paytm platform, completed a Rs 850-crore buyback of its equity shares via the open market. The buyback began on December 21 and closed on February 13, and the company bought back 1.56 crore shares.
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