Buy IndiaMART InterMESH, target price Rs 5280: Axis Securities

Synopsis

IndiaMART InterMESH Ltd. key Products/Revenue Segments include Income From Information Services for the year ending 31-Mar-2022.

Agencies
Promoters held 49.22 per cent stake in the company as of 30-Jun-2022, while FIIs owned 23.59 per cent, DIIs 4.96 per cent.

Axis Securities has buy call on IndiaMART InterMESH with a target price of Rs 5280. The current market price of

is Rs 4439.65.


InterMESH Ltd., incorporated in the year 1999, is a Mid Cap company (having a market cap of Rs 13604.81 Crore) operating in Services sector.

IndiaMART InterMESH Ltd. key Products/Revenue Segments include Income From Information Services for the year ending 31-Mar-2022.

Financials


For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 287.20 Crore, up 27.31 % from last quarter Total Income of Rs 225.58 Crore and up 34.33 % from last year same quarter Total Income of Rs 213.80 Crore. Company reported net profit after tax of Rs 79.30 Crore in latest quarter.

Investment Rationale

The brokerage believes Indiamart enjoys a resilient business structure and has a proven track record of strong and efficient execution capabilities. With strong paying subscriber addition, technological advancement and increasing traffic, Indiamart showcase robust growth potential. It recommends a BUY rating on the stock and assign a 35x P/E multiple to its FY24E earnings of Rs 150.8/share to arrive at a TP of Rs 5,280/share, implying an upside potential of 21% from the CMP.

Promoter/FII Holdings

Promoters held 49.22 per cent stake in the company as of 30-Jun-2022, while FIIs owned 23.59 per cent, DIIs 4.96 per cent.

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