IndiaMART InterMESH (INDIAMART) AGM 2024 summary

Opening remarks and agenda

• The 25th AGM was convened via video conferencing, with the registered office in New Delhi deemed as the venue for statutory purposes.

• Members were informed about participation modalities, e-voting, and the process for asking questions during the meeting.

• Ms. Pallavi Dinodia Gupta was elected as Chairperson for the meeting by the Board.

Financial performance review

• Consolidated revenue from operations reached INR 1,197 crores, a 21% year-on-year increase.

• Customer collections grew to INR 1,474 crores; cash generated from operations was INR 559 crores.

• Deferred revenue rose 24% to INR 1,440 crores; EBITDA was INR 331 crores (28% margin), net profit INR 334 crores (24% margin).

• 194 million registered buyers, 7 million supplier storefronts, and 214,000 paying subscription suppliers as of March 2024.

• BUSY accounting software, acquired last year, saw 23% revenue growth to INR 53 crores and 59% increase in deferred revenue.

Board and executive committee updates

• Board members and senior management, including the CEO, CFO, and independent directors, attended via video conference.

• Statutory and secretarial auditors were present; two independent directors were absent due to preoccupations.