External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>IndiaMART (INMART) reported 2QFY25 revenue growth of 18% YoY/5% QoQ, in line with our estimate of 18.8% YoY growth.</li><li>Collection growth was soft at 6% YoY to INR3.5b.</li><li>Deferred revenue rose 19% YoY to INR14.8b.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndiaMART (INMART) reported 2QFY25 revenue growth of 18% YoY/5% QoQ, in line with our estimate of 18.8% YoY growth.Collection growth was soft at 6% YoY to INR3.5b.Deferred revenue rose 19% YoY to INR14.8b.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndiaMART - Churn in Lower-Rung Accounts Persists

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 348 Cr in Q2FY25, reflecting a 5% QoQ and 18% YoY increase, which exceeded expectations.</li><li>The company’s operating profit was Rs 135 Cr, representing a growth of 13% on a QoQ basis, driven by moderated operating costs during the quarter.</li><li>Its operating margins improved by 264 bps to 38.7%, largely attributed to reduced employee and other operating expenses. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 348 Cr in Q2FY25, reflecting a 5% QoQ and 18% YoY increase, which exceeded expectations.The company’s operating profit was Rs 135 Cr, representing a growth of 13% on a QoQ basis, driven by moderated operating costs during the quarter.Its operating margins improved by 264 bps to 38.7%, largely attributed to reduced employee and other operating expenses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd - Strong Customer Additions

<ul><li>Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 331 Cr in Q1FY25, up 5% QoQ and 17% YoY, which stood above our expectations.</li><li>The company’s operating profit stood at Rs 120 Cr, reporting a growth of 3% on a QoQ basis, which was led by moderated operating costs during the quarter.</li><li>Its operating margins improved by 799bps to 33%, largely driven by moderated employee and other operating expenses. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 331 Cr in Q1FY25, up 5% QoQ and 17% YoY, which stood above our expectations.The company’s operating profit stood at Rs 120 Cr, reporting a growth of 3% on a QoQ basis, which was led by moderated operating costs during the quarter.Its operating margins improved by 799bps to 33%, largely driven by moderated employee and other operating expenses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd. - Strong Customer Additions; Long-Term Outlook Remains Resilient

<ul><li>Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 315 Cr in Q4FY24, up 3% QoQ and 17% YoY, which stood below our expectations.</li><li>The company’s operating profit stood at Rs 76 Cr, reporting a de-growth of 2% on a QoQ basis, which was led by other operating costs during the quarter.</li><li>Its operating margins declined by 126bps to 24%, largely driven by higher employee and other operating expenses. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 315 Cr in Q4FY24, up 3% QoQ and 17% YoY, which stood below our expectations.The company’s operating profit stood at Rs 76 Cr, reporting a de-growth of 2% on a QoQ basis, which was led by other operating costs during the quarter.Its operating margins declined by 126bps to 24%, largely driven by higher employee and other operating expenses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indiamart Intermesh Ltd. - Slowing Down Customer Additions

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>'s annual report analysis highlights some of the issues that should not be overlooked.</li>
<li>In addition to changes in important disclosures, the company still continues to see less flow-through of deferred income into revenues.</li>
<li>On the assets side, it should be noted that the strategic investments are yet to show any promise, while fixed assets show some concerns including non-verification, disposals, etc.</li>
</ul>



IndiaMart (INMART IN)'s annual report analysis highlights some of the issues that should not be overlooked.
In addition to changes in important disclosures, the company still continues to see less flow-through of deferred income into revenues.
On the assets side, it should be noted that the strategic investments are yet to show any promise, while fixed assets show some concerns including non-verification, disposals, etc.


Indiamart Intermesh Ltd- Forensic Analysis

India

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

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IndiaMart (INMART IN)

IndiaMART - Churn in Lower-Rung Accounts Persists

IndiaMART (INMART) reported 2QFY25 revenue growth of 18% YoY/5% QoQ, in line with our estimate of 18.8% YoY growth. Collection growth was soft at...

Motilal Oswal

Indiamart Intermesh Ltd - Strong Customer Additions

Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 348 Cr in Q2FY25, reflecting a 5% QoQ and 18% YoY increase, which exceeded expectations.

Axis Direct

Indiamart Intermesh Ltd. - Strong Customer Additions; Long-Term Outlook Remains Resilient

The company’s net profit for Q1FY25 stood at Rs 114 Cr, registering a robust growth of 14% QoQ owing to higher subscription income.

Axis Direct

Indiamart Intermesh Ltd. - Slowing Down Customer Additions

Indiamart Intermesh Ltd. (Indiamart) reported revenue of Rs 315 Cr in Q4FY24, up 3% QoQ and 17% YoY, which stood below our expectations.

Axis Direct

Indiamart Intermesh Ltd- Forensic Analysis

IndiaMart's forensics highlight some of the issues that should not be overlooked. These pertain to deferred income flow-through, changes in...

Nitin Mangal

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