This midcap e-commerce company is up by 3.6% today

The board will consider share buyback soon.     

Indiamart Intermesh Ltd, mainly engaged in B2B e-commerce space, has been trending on Dalal Street as it has rallied by 3.6% from its previous close of Rs 4,809.20. The share has been trading in the green territory today as the scrip opened at Rs 4,905 and created a day’s high of Rs 5,144.95.

Such a bullish trend in the stock was seen on the back of the board of directors of the company considering the proposal for buyback of fully paid-up equity shares. The board has scheduled a meeting on Thursday i.e. 28th April 2022.      

Talking about its recent quarterly results, in Q3FY22, revenue grew by 8.35% YoY to Rs 188.1 crore from Rs 173.6 crore in Q3FY21. On a sequential basis, the top-line was up by 3.12%. PBIDT (Ex OI) was reported at Rs 78.8 crore, down by 10.25% as compared to the year-ago period and the corresponding margin was reported at 41.89%, contracting by 869 basis points YoY. PAT was reported at Rs 73.3 crore, down by 9.17 per cent from Rs 80.7 crore in the same quarter for the previous fiscal year. The PAT margin stood at 38.97% in Q3FY22 contracting from 46.49% in Q3FY21.  

Recently the company was in the news because of its acquisition of 25% stake in Truckhall Pvt Ltd (Superprocure), which offers solutions for logistics. This acquisition would be in line with its long-term objective of offering various software as a service (SAAS) based solutions for businesses. 

Indiamart Intermesh is India’s largest online marketplace, connecting buyers with suppliers. The online channel focuses on providing a platform to Small & Medium Enterprises (SMEs), large enterprises as well as individuals. Currently, the company has a market cap of about Rs 15,123 crore. The stock has a 52-week high of Rs 9,700 and a 52-week low of Rs 3965.35.