Indiamart's subscriber additions to double in fiscal 2025, Jefferies says

IndiaMART InterMESH

12/03/2024 05:04

** Jefferies says most investors believe Indiamart Intermesh
 INMR.NS  offers value to buyers and suppliers and is well
secured against competition; however, some are concerned with
execution and slowing subscriber additions
    ** Subscriber additions moderate to 9,000 in 9MFY24 from
34,000 in FY23
    ** Jefferies expects paid subcriber additions to double to
6,000/quarter in fiscal 2025 from 3,000/quarter in fiscal 2024,
driven by reduction in renewal churn and normalisation of gross
additions after price hikes
    ** Forecasts 19%/25% rev/EPS CAGR over FY24-26; retains
'buy' with price target of 3,400 rupees, an implied upside of
30% over last close
    ** Avg rating of 17 analysts is 'buy,' median PT is 3,150
rupees - LSEG 
    ** INMR up 4% at 2,650.50 rupees, top percentage gainer on
Nifty small-cap index  .NIFSMCP100 
    ** Stock down 2.4% YTD vs small-cap index's 0.7% rise 
    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))