You are here: Home » PTI Stories » National » News
Business Standard

Indiamart Q2 profit falls 55 pc to Rs 9 cr

Business Finance

Press Trust of India  |  New Delhi 

B2B e-commerce company Indiamart Intermesh on Tuesday posted 55 per cent decline in consolidated net profit at Rs 9 crore for the September quarter, mainly on account of change in tax rate and regulations.

The company had posted a profit of Rs 20 crore during the same period of 2018-19.

"Tax expense for the quarter was at Rs 42 crore which included one-time impact of Rs 31.4 crore related to change in tax rate and law as the company has opted to move to 25 per cent tax regime as per the option given in Taxation Amendment Ordinance 2019, " Indiamart Intermesh said in a statement.

Due to this, the consolidated net profit for the period stood at Rs 9 crore, it added.

Revenue from operations, however, went up by 28 per cent to Rs 157 crore from Rs 122 crore in the year-ago period.

"The results are reflection of our well diversified business model and unique value proposition that we have developed over the years. Going forward, as we continue to steer ourselves in the challenging macro environment, we remain cautiously optimistic of maintaining the growth momentum, CEO Dinesh Agarwal said.

The paid subscriber base of the company grew 15 per cent to 1.37 lakh during the quarter under review from 1.19 lakh in the year-ago period.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 22 2019. 19:55 IST