Q4 results review: IndiaMART InterMESH zooms 10% despite target price cuts as Q4 PAT jumps 79%
IndiaMART InterMESH (Indiamart) surged 10 percent in intra-day deals today (May 2) on the back of robust March quarter (Q4FY24) results. The rise comes even after brokerages cut target price for the stock post its Q4 results. The stock rose as much as 10 percent to its day's high of ₹2,913.
With today's rally, stock has advanced 21.6 percent from its 52-week low of ₹2,395, hit on January 1, 2024. However, it is still 11.5 percent away from its 52-week high of ₹3,293.45, hit on September 7, 2023. The scrip has lost around 6 percent in the last 1 year but has gained 7 percent in 2024 YTD.
It has been flat in April (up 0.09 percent) and March (down 0.2 percent). Meanwhile, it rose 5.3 percent in February after a 7.5 percent decline in January this year. The company's consolidated net profit jumped 79 percent year-on-year (YoY) to ₹99.6 crore in Q4FY24 versus ₹55.8 crore in the same period last fiscal.
Meanwhile, its revenue rose 17 percent YoY to ₹315 crore in the quarter under review from ₹269 crore in the year-ago period. For the entire financial year FY24, the company posted a 17.7 percent YoY jump in its consolidated net profit to ₹334 crore as against ₹283.8 crore in FY23. Also, its consolidated revenue for FY24 increased 21.45 percent to ₹1,196.8 crore from ₹985.4 crore in FY23.
Post the March quarter results, brokerages Nuvama and Nomura, retained their neutral outlook but reduced the target price for the stock on the back of its expensive valuations. However, domestic brokerage Choice raised its target price for the stock with a buy call. Nuvama: The brokerage cut its target price on the company to ₹2,650, down from ₹2,800 while maintaining its 'hold' call.
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