Indiamart Q1 results looks impressive on surface, partly due to fair value gain on treasury investments. Operational revenue growth is 26% yoy and 5% qoq which is still very good.
But paying subscribers added for this quater is only 4993, much less than 9000 number management was guilding for. This is worrisome for future growth, needs clarification from management in today’s concall.
Buyback at 30%+ premium to current market value?
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