Indiamart Intermesh Hits All Time High Price

Shares in Indiamart Intermesh hit a fresh high of Rs. 4188.75 apiece on the BSE, surging over 9% in today's (September 2, 2020) trade. The sharp rally comes on the back of robust earnings outlook for the company.

Indiamart Intermesh Hits All Time High Price

On Tuesday, the company announced that it has divested 70% holding in equity share capital of Ten Times to Mayank Chowdhary and Atul Todi for a financial consideration of Rs. 21.17 lakh. Pursuant to the partial divestment via equity share sale, Ten Times Online Private Limited is no longer a fully-owned subsidiary and is instead only an associate company of Indiamart Intermesh.

For the quarter ended June of FY21, the leading market player in online B2B classifieds, posted a robust operational performance. Owing to several cost optimization methodologies, the EDITDA margin at the company grew to 48% as against 25% in the same quarter a year ago. Also, revenues at the company surged 4% y-o-y despite the pandemic related economic fall-out as there was witnessed some improvement in realization from the company's existing customer base.

Stock of Indiamart Intermest at 12:45 pm traded with gains of 7.44% at Rs. 4114.95 apiece on the BSE.

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