B2B e-commerce company Indiamart Intermesh on Tuesday posted 55 per cent decline in consolidated net profit at Rs 9 crore for the September quarter, mainly on account of change in tax rate and regulations. The company had posted a profit of Rs 20 crore during the same period of 2018-19."Tax expense for the quarter was at Rs 42 crore which included one-time impact of Rs 31.4 crore related to change in tax rate and law as the company has opted to move to 25 per cent tax regime as per the option given in Taxation Amendment Ordinance 2019, " Indiamart Intermesh said in a statement.
Due to this, the consolidated net profit for the period stood at Rs 9 crore, it added.
Revenue from operations, however, went up by 28 per cent to Rs 157 crore from Rs 122 crore in the year-ago period.
"The results are reflection of our well diversified business model and unique value proposition that we have developed over the years. Going forward, as we continue to steer ourselves in the challenging macro environment, we remain cautiously optimistic of maintaining the growth momentum," CEO Dinesh Agarwal said.
The paid subscriber base of the company grew 15 per cent to 1.37 lakh during the quarter under review from 1.19 lakh in the year-ago period.
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