Even though B2B e-commerce platform IndiaMART increased its profits in the June quarter over the last quarter, the impact of the COVID-19 pandemic on it is clear: Cash generated from operations dipped a whopping 97% in June, compared to March, and collections from customers fell by 54% in the June quarter as opposed to the last quarter. Paying subscribers in June reduced by more than 9% compared to the last quarter. The company also saw a 10% decline in its revenue in the June quarter — a period where the entire country was essentially under a lockdown — compared to the March quarter. IndiaMART said that the COVID-19 pandemic threw four particular challenges onto its path: that of employee safety, business mortality, business continuity, and a fall in demand. The pandemic also resulted in a customer attrition of around 10% in the June quarter. Incidentally, the company’s CEO and MD, Dinesh Agarwal, in the last quarter, had predicted that 10% to 20% of IndiaMART’s subscriber base could be “severely impacted”, owing to the coronavirus pandemic. The company reduced its operating expenses in the June quarter amounting to Rs 80 crore, compared to Rs 118 crore in the previous quarter. Its income at Rs 187 crore in the June quarter was the same as it was in the March quarter. Net profit however, increased 37% QoQ to Rs 74 crore in June, compared to Rs 44 crore in March. "I am pleased to report a modest financial performance this quarter as the…
