External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><div><ul><li>IndiaMart Intermesh Ltd (Indiamart) revenue stood at Rs 241 Cr in Q2FY23, reporting strong revenue growth of 32% YoY and 7% QoQ.</li><li>The company’s operating profits, however, reported a de-growth of 100 bps to Rs 67 Cr.</li><li>Its Operating Margins decline from 29% QoQ to 28% primarily owing to the company’s employee cost during the quarter. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

IndiaMart Intermesh Ltd (Indiamart) revenue stood at Rs 241 Cr in Q2FY23, reporting strong revenue growth of 32% YoY and 7% QoQ.The company’s operating profits, however, reported a de-growth of 100 bps to Rs 67 Cr.Its Operating Margins decline from 29% QoQ to 28% primarily owing to the company’s employee cost during the quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd - Robust Revenue Growth Albeit with Some Margins Decline

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><ul><li>Margin to drop on elevated investments; business fundamentals intact</li></ul><div><div><div><ul><li>Good topline growth but large miss on margins - <span style="font-size: var(--content-font-size);">Revenue stood at INR2.0b (1.8% above our estimates), +12.1% YoY and +7.1% QoQ.</span></li><li><span style="font-size: var(--content-font-size);">Highlights from the management commentary - The company added the highest ever paid customers at 13k and plans to add customers in the range of 8-9k per quarter going forward.</span></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Margin to drop on elevated investments; business fundamentals intactGood topline growth but large miss on margins - Revenue stood at INR2.0b (1.8% above our estimates), +12.1% YoY and +7.1% QoQ.Highlights from the management commentary - The company added the highest ever paid customers at 13k and plans to add customers in the range of 8-9k per quarter going forward.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndiaMART - Strong Customer Additions; Growth to Bump up in FY23E

<div><ul><li>Indiamart have reported consistent growth in registered buyers, registerd buyers grew to 149 Mn showed a growth of 4.2% QoQ.</li></ul><div><div><div><div><ul><li>Indiamart has also expanded its foothold on the number of the products live on the platform, total products live on the platform stood at 83mn grew 3.75% QoQ.</li></ul><div><div><div><div><ul><li>Total business enquiries delivered stood at 120 Mn demostrated a growth of 2.6% QoQ. Annualised ARPU for Q4 FY22 declind to Rs. 47,400 but likely to improve with better offering mix.</li></ul></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Indiamart have reported consistent growth in registered buyers, registerd buyers grew to 149 Mn showed a growth of 4.2% QoQ.Indiamart has also expanded its foothold on the number of the products live on the platform, total products live on the platform stood at 83mn grew 3.75% QoQ.Total business enquiries delivered stood at 120 Mn demostrated a growth of 2.6% QoQ. Annualised ARPU for Q4 FY22 declind to Rs. 47,400 but likely to improve with better offering mix.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd - Robust Revenue Growth; Margins Decline

<ul><li>We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.</li><li>.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP..Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>IndiaMART delivered in line revenue and margin performance in 2QFY22. Paid suppliers increased by 4k (+3% QoQ and 6% YoY), while ARPU dipped by 2.6% QoQ due to a higher share of suppliers within a lower value package. Collections surged by 31% QoQ and 37% YoY, providing visibility on its near term revenue performance. We expect collections to continue to trend higher in coming quarters. Deferred revenue is up 4% QoQ and 20% YoY, which provides better visibility on FY23 revenue. Margin was in line, with EBITDA margin at 45.6% (est.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

IndiaMART delivered in line revenue and margin performance in 2QFY22. Paid suppliers increased by 4k (+3% QoQ and 6% YoY), while ARPU dipped by 2.6% QoQ due to a higher share of suppliers within a lower value package. Collections surged by 31% QoQ and 37% YoY, providing visibility on its near term revenue performance. We expect collections to continue to trend higher in coming quarters. Deferred revenue is up 4% QoQ and 20% YoY, which provides better visibility on FY23 revenue. Margin was in line, with EBITDA margin at 45.6% (est.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong collections to drive faster recovery

India

IndiaMART InterMESH operates as an online B2B marketplace, connecting buyers with suppliers across India for a wide range of products and services, primarily serving small and medium enterprises. The platform facilitates business interactions and offers solutions like lead generation and digital marketing. It is headquartered in Noida, Uttar Pradesh, India, and was founded in 1996.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

IndiaMART (INMART IN)

Indiamart Intermesh Ltd - Robust Revenue Growth Albeit with Some Margins Decline

IndiaMart Intermesh Ltd (Indiamart) revenue stood at Rs 241 Cr in Q2FY23, reporting strong revenue growth of 32% YoY and 7% QoQ.

Axis Direct

IndiaMART - Strong Customer Additions; Growth to Bump up in FY23E

IndiaMART’s 4QFY22 performance was weaker than expected led by a major miss on margin (at 28.4%), down 13.5pp QoQ and below our estimate of 32.7%.

Motilal Oswal

Indiamart Intermesh Ltd - Robust Revenue Growth; Margins Decline

IndiaMart Intermesh Ltd (Indiamart) reported strong revenue growth of 7% QoQ and stood at Rs 201 Cr in Q4FY22, reporting revenue growth of 13% YoY.

Axis Direct

Initiating Coverage:Indiamart Inter.

We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.

Axis Direct

Strong collections to drive faster recovery

IndiaMART delivered in line revenue and margin performance in 2QFY22. Paid suppliers increased by 4k (+3% QoQ and 6% YoY), while ARPU dipped by...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indiamart Intermesh Ltd - Robust Revenue Growth Albeit with Some Margins Decline

IndiaMart Intermesh Ltd (Indiamart) revenue stood at Rs 241 Cr in Q2FY23, reporting strong revenue growth of 32% YoY and 7% QoQ.

Axis Direct

IndiaMART - Strong Customer Additions; Growth to Bump up in FY23E

IndiaMART’s 4QFY22 performance was weaker than expected led by a major miss on margin (at 28.4%), down 13.5pp QoQ and below our estimate of 32.7%.

Motilal Oswal

Indiamart Intermesh Ltd - Robust Revenue Growth; Margins Decline

IndiaMart Intermesh Ltd (Indiamart) reported strong revenue growth of 7% QoQ and stood at Rs 201 Cr in Q4FY22, reporting revenue growth of 13% YoY.

Axis Direct

Initiating Coverage:Indiamart Inter.

We assign 45x to the company&#x27;s FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.

Axis Direct

Strong collections to drive faster recovery

IndiaMART delivered in line revenue and margin performance in 2QFY22. Paid suppliers increased by 4k (+3% QoQ and 6% YoY), while ARPU dipped by...

Motilal Oswal

We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.