For the yr ended March 31, 2023, Indiamart reported a internet revenue of Rs 283.8 crore on a complete income of Rs 1,165.9 crore. While the FY23 revenues have been up 35% year-on-year, the revenue was marginally decrease from Rs 297.9 crore recorded in FY22.
The firm additionally reported present monetary belongings resembling money, money equivalents, investments and loans of Rs 2,271.8 crore as of March 31 this yr.
“…the board of directors of Indiamart Intermesh, will also consider the proposal for buyback of fully paid-up equity shares of the company,” it stated in an trade submitting. The firm may also declare its monetary outcomes for the April-June quarter on Thursday.
Indiamart claims to have a 60% market share of the net B2B categorised area in India and focuses on offering a platform to small and medium enterprises (SMEs), massive enterprises in addition to people.
During FY23, Indiamart’s board of administrators had additionally really helpful the difficulty of bonus shares within the proportion of 1:1, along with a remaining dividend of Rs 20 per fairness share for the fiscal.
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The firm has not disclosed the scale of its proposed share buyback but, however it comes at a time when the broader inventory markets proceed to scale new highs. On Monday, the 30-stock benchmark index Sensex touched an all-time excessive of 66,656.21 earlier than ending the commerce at 66,589.93, up 0.80%. Earlier this yr in February, fintech firm One 97 Communications Ltd, which operates the Paytm platform, accomplished a Rs 850-crore buyback of its fairness shares by way of the open market. The buyback started on December 21 and closed on February 13 and the corporate purchased again 1.56 crore shares.
Source: economictimes.indiatimes.com