Indiamart Intermesh

₹2663 20.4 | 0.8%

WEBSITE BSE:542726 NSE : INDIAMART 10 May, 16:01

Market Cap ₹15972 Cr.

Stock P/E 48.0

P/B 9.2

Current Price ₹2663

Book Value ₹ 289.5

Face Value 10

52W High ₹5990.1

Dividend Yield 0.75%

52W Low ₹ 2395

Edit Ratio

Indiamart Intermesh Research see more...

Indiamart Intermesh Ltd. looks strong for further growth with increasing number of new user and increasing ARPU.

Start up Valuation - Bubble or Leap of Faith

Overview Inc. Year: 1999Industry: e-Commerce

IndiaMART InterMESH Ltd operates an online B2B marketplace for commercial enterprise services and products in India and across the world. The corporation's e-market acts as an interactive hub for domestic and global customers and suppliers. Its platform serves small and medium firms, large firms, and individuals. The agency was incorporated in 1999 and is based in Noida, India.

Indiamart Intermesh Share Price

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Peer Comparison

Indiamart Intermesh Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	188	201	225	241	251	269	282	295	305	315
Other Income	22	30	1	47	102	31	57	35	42	77
Total Income	210	231	226	287	354	300	339	329	347	392
Total Expenditure	109	144	160	173	181	203	205	215	220	226
Operating Profit	101	87	65	114	172	97	134	115	127	166
Interest	1	1	1	3	2	2	2	2	2	2
Depreciation	3	3	6	8	9	9	7	8	8	13
Exceptional Income / Expenses	0	0	0	0	0	0	-2	0	0	0
Profit Before Tax	96	83	58	104	162	86	123	104	117	151
Provision for Tax	23	19	4	24	39	20	29	24	28	40
Profit After Tax	73	63	54	79	122	66	94	80	89	111
Adjustments	-3	-6	-7	-11	-9	-11	-11	-11	-7	-12
Profit After Adjustments	70	57	47	68	113	56	83	69	82	100
Adjusted Earnings Per Share	11.5	9.4	7.7	11.2	18.4	9.1	13.6	11.6	13.7	16.6

Indiamart Intermesh Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	136	176	246	318	411	507	639	670	753	985	1197
Other Income	8	12	5	14	19	41	69	87	112	181	211
Total Income	143	188	251	332	430	548	707	756	866	1166	1407
Total Expenditure	148	216	378	391	487	490	470	341	446	718	866
Operating Profit	-5	-28	-127	-60	-57	58	237	415	420	448	542
Interest	0	0	0	0	0	0	3	7	5	8	8
Depreciation	2	3	4	5	3	4	21	16	12	31	36
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	-2
Profit Before Tax	-8	-32	-131	-64	-60	54	211	389	390	371	495
Provision for Tax	0	0	0	0	-115	34	64	110	93	87	121
Profit After Tax	-8	-32	-132	-64	55	20	147	280	298	284	374
Adjustments	0	-0	-0	-0	-0	0	0	0	0	0	-41
Profit After Adjustments	-8	-32	-132	-64	55	20	147	280	298	284	334
Adjusted Earnings Per Share	-2.1	-8.7	-35.9	-17.5	13.7	3.5	25.5	46.1	48.7	46.4	55.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	31%	16%	19%	0%
Operating Profit CAGR	7%	24%	0%	0%
PAT CAGR	-5%	25%	39%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-10%	-10%	NA%	NA%
ROE Average	15%	21%	27%	13%
ROCE Average	19%	28%	37%	18%

Indiamart Intermesh Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	-62	-94	-327	-390	-321	160	275	1611	1874	2058
Minority's Interest	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	36	54	313	370	430	154	333	423	578	689
Total Current Liabilities	108	142	209	241	319	421	490	541	658	856
Total Liabilities	82	102	195	221	428	735	1098	2575	3110	3604
Fixed Assets	6	6	11	9	8	9	86	65	56	553
Other Non-Current Assets	4	15	16	6	35	5	93	125	614	688
Total Current Assets	72	81	168	207	385	721	920	2385	2440	2363
Total Assets	82	102	195	221	428	735	1098	2575	3110	3604

Indiamart Intermesh Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	5	7	10	19	18	47	40	17	40	50
Cash Flow from Operating Activities	22	7	-56	-1	179	255	261	323	402	476
Cash Flow from Investing Activities	-21	-4	-68	-8	-165	-276	-233	-1338	-335	-324
Cash Flow from Financing Activities	-0	-0	133	7	15	14	-51	1038	-58	-143
Net Cash Inflow / Outflow	1	3	9	-1	29	-7	-23	23	9	9
Closing Cash & Cash Equivalent	7	10	19	18	47	40	17	40	50	58

Indiamart Intermesh Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-2.07	-8.69	-35.87	-17.55	13.72	3.51	25.52	46.14	48.71	46.41
CEPS(Rs)	-1.46	-7.87	-34.87	-16.28	14.44	4.23	29.18	48.79	50.66	51.49
DPS(Rs)	0	0	0	0	0	0	10	15	2	20
Book NAV/Share(Rs)	-30.77	-39.47	-90.19	-107.61	-82.03	26.41	45.61	264.08	304.56	332.39
Core EBITDA Margin(%)	-9.28	-22.9	-53.99	-23.19	-18.57	3.37	26.44	49.01	40.86	27.19
EBIT Margin(%)	-5.36	-17.83	-53.35	-20.19	-14.64	10.63	33.61	59.15	52.54	38.51
Pre Tax Margin(%)	-5.59	-18.1	-53.35	-20.19	-14.64	10.63	33.09	58.15	51.82	37.68
PAT Margin (%)	-5.59	-18.11	-53.54	-20.25	13.34	3.95	23.07	41.78	39.5	28.8
Cash Profit Margin (%)	-3.94	-16.39	-52.04	-18.79	14.04	4.76	26.38	44.18	41.08	31.96
ROA(%)	-9.2	-34.5	-88.53	-30.95	16.88	3.45	16.08	15.23	10.47	8.45
ROE(%)	0	0	0	0	0	0	71.12	30.01	17.19	14.58
ROCE(%)	0	0	0	0	0	0	98.73	42	22.72	19.3
Receivable days	1.44	1	0.5	0.44	0.54	0.45	0.64	0.8	0.62	1.55
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable days	0	0	0	0	0	0	0	0	0	0
PER(x)	0	0	0	0	0	0	37.93	83.79	44.38	54.17
Price/Book(x)	0	0	0	0	0	0	21.22	14.64	7.1	7.56
Dividend Yield(%)	0	0	0	0	0	0	0.52	0.19	0.05	0.4
EV/Net Sales(x)	0.38	0.27	-0.04	-0.1	-0.09	-0.1	8.71	34.89	17.43	15.54
EV/Core EBITDA(x)	-10.23	-1.69	0.08	0.53	0.64	-0.85	23.44	56.33	31.26	34.16
Net Sales Growth(%)	0	29.71	39.58	29.3	29.19	23.61	25.9	4.81	12.53	30.78
EBIT Growth(%)	0	-331.71	-317.64	51.08	6.31	189.73	298.16	84.45	-0.04	-4.15
PAT Growth(%)	0	-320.47	-312.65	51.09	185.1	-63.4	635.29	89.83	6.38	-4.63
EPS Growth(%)	0	-320.48	-312.65	51.08	178.16	-74.45	628.03	80.82	5.55	-4.71
Debt/Equity(x)	-0	-0	0	0	0	0	0	0	0	0
Current Ratio(x)	0.67	0.57	0.8	0.86	1.21	1.71	1.88	4.41	3.71	2.76
Quick Ratio(x)	0.67	0.57	0.8	0.86	1.21	1.71	1.88	4.41	3.71	2.76
Interest Cover(x)	-23.38	-66.51	0	0	0	0	65.4	59.44	73.28	46.55
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0

Indiamart Intermesh Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	49.52	49.52	49.22	49.22	49.22	49.22	49.22	49.21	49.21	49.21
FII	26.53	23.93	23.59	25	25.38	26.6	26.76	27.34	24.16	23.07
DII	5.33	5.46	4.96	5.24	5.81	5.62	5.63	5.46	8.23	10.6
Public	18.61	21.09	22.23	20.55	19.6	18.56	18.39	18	18.39	17.11
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.51	1.51	1.51	1.51	1.51	1.51	3.01	2.95	2.95	2.95
FII	0.81	0.73	0.72	0.77	0.78	0.81	1.64	1.64	1.45	1.38
DII	0.16	0.17	0.15	0.16	0.18	0.17	0.34	0.33	0.49	0.64
Public	0.57	0.64	0.68	0.63	0.6	0.57	1.13	1.08	1.1	1.03
Others	0	0	0	0	0	0	0	0	0	0
Total	3.06	3.06	3.06	3.06	3.06	3.06	6.12	6	6	6

Pros

Company has delivered good profit growth of 38% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Company is almost debt free.

Cons

Promoter holding is low: 49.21%.
Stock is trading at 9.2 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.