Online business-to-business marketplace Indiamart reported a 78 percent increase in its net profit to Rs 83 crore ($10.1 million) in the April-June quarter, as against a net profit of Rs 47 crore in the year-ago period.
The company’s revenue from operations for the quarter recorded a 26 percent year-on-year growth to Rs 282 crore.
During the quarter, the company made investments in manpower, product, technology, sales, servicing, resulting in a growth in revenue and paying subscription suppliers.
Commenting on the results, Dinesh Agarwal, CEO of Indiamart in a statement said, “We are confident about the continued growth and will continue to invest in technology and people to strengthen our value proposition further to accelerate digital adoption amongst businesses.”
“Our sustainable cashflow helps us in making these investments towards building a strong foundation to leverage emerging growth opportunities,” Agarwal added.
Indiamart’s marketplace connects buyers with suppliers claiming to be of the country’s largest players with a market share of 60 percent.
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