Choice Equity Broking's report on Indiamart Intermesh
Indiamart Intermesh (IMIM), India’s largest B2B digital marketplace, reported Q2FY23 revenue from operations at Rs. 241 cr (a YoY growth of 32%). This was largely due to ~6% sequential/ 25% YoY increase in number of paying subscription suppliers (to 188092), alongwith additional Rs. 10.8 Cr revenue from accounting software services. Deferred revenues increased 30% YoY and 3% QoQ to Rs. 984 cr. IMIM registered traffic of 261 mn and total business enquiries of 23 mn during Q2 FY23. Supplier Storefronts grew to 7.3 mn, an increase of 1% QoQ and 10% YoY.
Outlook
We deploy a DCF-based methodology on the standalone free cashflows and add the investments/ cash on book made at book value to arrive at a target price of Rs 4,946. This implies an exit PE multiple of 40.5x FY24E EPS and 34x FY25E EPS.
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