India based B2B eCommerce platform Indiamart Intermesh posted a consolidated profit of $4.5 million for the quarter ended on June 30, 2019.
The company had recorded a loss of $8 million in the same period a year ago.
“Our growth is a result of the focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry,” Indiamart Intermesh, Managing Director, Dinesh Agarwal said.
The total consolidated income of Indiamart increased by 37.5 percent to $23 million during the reported quarter from $16.7 million in the corresponding period of 2018-19.
“Consolidated revenue from operations grew by 30 percent on YoY basis due to an increase in a number of paying subscribers as well as a higher realisation from existing customers.
“Consolidated Deferred Revenue grew by 32 percent from $65.8 million in the first quarter of the financial year 2019 to $87 million in the first quarter of FY 2020 Crore leading to much better visibility for revenues in future,” Indiamart said in a statement.
Indiamart paid suppliers subscription increased to 1.32k from 1.13k on YoY basis.