INDIAMART INTERMESH 2023-24 Annual Report Analysis

Mon, 27 May

INDIAMART INTERMESH has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

INDIAMART INTERMESH Income Statement Analysis

• Operating income during the year rose 21.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 25.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.2% in FY24 as against 23.3% in FY23.
• Depreciation charges increased by 17.3% and finance costs increased by 9.3% YoY, respectively.
• Other income grew by 16.7% YoY.
• Net profit for the year grew by 17.7% YoY.
• Net profit margins during the year declined from 28.8% in FY23 to 27.9% in FY24.

INDIAMART INTERMESH Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	9,854	11,968	21.5%
Other income	Rs m	1,805	2,106	16.7%
Total Revenues	Rs m	11,659	14,074	20.7%
Gross profit	Rs m	2,300	2,891	25.7%
Depreciation	Rs m	311	365	17.3%
Interest	Rs m	82	89	9.3%
Profit before tax	Rs m	3,713	4,544	22.4%
Tax	Rs m	875	1,204	37.7%
Profit after tax	Rs m	2,838	3,340	17.7%
Gross profit margin	%	23.3	24.2
Effective tax rate	%	23.6	26.5
Net profit margin	%	28.8	27.9

Don't Miss: Key Information for Long-term Investors

INDIAMART INTERMESH Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 12 billion as compared to Rs 9 billion in FY23, thereby witnessing an increase of 22.8%.
• Current assets rose 0% and stood at Rs 25 billion, while fixed assets fell 13% and stood at Rs 11 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 35 billion as against Rs 37 billion during FY23, thereby witnessing a fall of 4%.

INDIAMART INTERMESH Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	20,328	16,988	-16.4
Current Liabilities	Rs m	9,445	11,597	22.8
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	36,924	35,420	-4.1
Current assets	Rs m	24,518	24,623	0.4
Fixed Assets	Rs m	12,407	10,797	-13.0
Total Assets	Rs m	36,924	35,420	-4.1

INDIAMART INTERMESH Cash Flow Statement Analysis

• INDIAMART INTERMESH's cash flow from operating activities (CFO) during FY24 stood at Rs 6 billion, an improvement of 17.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -7 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 267 million from the Rs 86 million net cash flows seen during FY23.

INDIAMART INTERMESH Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	4,758	5,592	17.5%
Cash Flow from Investing Activities	Rs m	-3,240	1,624	-
Cash Flow from Financing Activities	Rs m	-1,433	-6,949	-
Net Cash Flow	Rs m	86	267	211.9%

Current Valuations for INDIAMART INTERMESH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 55.7, an decline from the EPS of Rs 92.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 2,544.4, stands at 40.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 9.0 times, while the price to sales ratio stands at 12.7 times.
• The company's price to cash flow (P/CF) ratio stood at 46.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	322.2	199.6
TTM Earnings per share	Rs	92.8	55.7
Diluted earnings per share	Rs	47.3	55.7
Price to Cash Flow	x	47.9	46.0
TTM P/E ratio	x	46.9	40.8
Price / Book Value ratio	x	6.7	10.0
Market Cap	Rs m	136,438	170,508
Dividends per share (Unadj.)	Rs	20.0	20.0

Ratio Analysis for INDIAMART INTERMESH

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY24, from 2.6x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 52.0x during FY24, from 46.5x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 19.7% during FY24, from 14.0% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 27.3% during FY24, from 18.7% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 9.7% during FY24, from 7.9% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	2.6	2.1
Debtors’ Days	Days	3	1
Interest coverage	x	46.5	52.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.9	9.7
Return on equity	%	14.0	19.7
Return on capital employed	%	18.7	27.3

To see how INDIAMART INTERMESH has performed over the last 5 years, please visit here.

INDIAMART INTERMESH Share Price Performance

Over the last one year, INDIAMART INTERMESH share price has moved down from Rs 2,778.7 to Rs 2,544.4, registering a loss of Rs 234.3 or around 8.4%.

Overall, the S&P BSE SENSEX is up 21.9% over the year.

(To know more, check out historical annual results for INDIAMART INTERMESH and quarterly results for INDIAMART INTERMESH)