New Delhi, Oct 27 (PTI) Online B2B marketplace and discovery platform IndiaMART on Friday reported a marginal rise of 2 per cent to Rs 69 crore in the July-September quarter, helped by a higher user base that led to higher revenue.

It had reported a net profit of Rs 68 crore in the corresponding quarter a year ago.

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The consolidated revenue from operations grew 23 per cent to Rs 295 crore in the reporting quarter, "primarily driven by 12 per cent growth in number of paying subscription suppliers as compared to last year", the company said in a regulatory filing.

Its standalone revenue from operations of IndiaMART grew by 23 per cent year-on-year to Rs 281 crore while that of its accounting software service arm Busy Infotech increased 24 per cent to Rs 13 crore, it added.

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The consolidated cash flow from operations for the quarter stood at Rs 102 crore and the cash and investments balance was Rs 1,910 crore as of September 30, 2023.

IndiaMART registered a total traffic of 28.8 crore and 2.24 crore unique business enquiries in Q2 FY24, representing a year-on-year growth of 10 per cent and 6 per cent, respectively.

According to IndiaMart Chief Executive Officer Dinesh Agarwal, the company's performance is the "result of investments made in further strengthening our value proposition and enhancing the user experience".

"With the rising internet adoption and on the back of healthy cash flows, we are confident of the long-term growth and sustained value creation for all our stakeholders," Agarwal added.

The online marketplace, which connects buyers with suppliers, claims to have a 60 per cent market share of the country's online B2B classified space.

Shares of IndiaMart ended at Rs 2,766.20 apiece on the BSE on Friday, 4.06 per cent up from its previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)