IndiaMart InterMesh experienced an impressive 78% YoY growth in consolidated net profit, reaching Rs 83 crore for Q1 ending June, compared to Rs 47 crore last year. The company's revenue from operations also saw significant growth, reaching Rs 282 crore for the same period, a 26% increase from last year. Consequently, IndiaMart's shares surged by 8% to Rs 3,128.6 on BSE.
In addition to its stellar performance, the IndiaMart board approved a buyback proposal for 12.5 lakh equity shares, amounting to Rs 500 crore. The buyback price was set at Rs 4,000, representing a 37% premium over current levels. The buyback will be executed on a proportionate basis through the tender route.
Amidst these positive results, JM Financial reiterated a 'Buy' rating with a revised target price of Rs 3,300. ICICI Securities also maintained a 'Buy' rating, with a target price of Rs 3,500. As of 10:14 am, the stock was trading 6.6% higher at Rs 3,091 on BSE. The stock has seen a notable surge of 43% on a year-to-date basis
