INDIAMART Q2 CONCALL : REVENUE UP 10% YOY, EBITDA MARGIN AT 37%; PAID SUPPLIERS DECLINE AS SILVER CHURN & AI SEARCH DISRUPTION PRESSURE GROWTH

• MANAGEMENT REITERATES LONG-TERM STANDALONE EBITDA MARGIN COMFORT LEVEL OF APPROXIMATELY 33%, WITH CURRENT ELEVATED MARGINS LIKELY TO MODERATE AS CUSTOMER ACQUISITION SPENDING INCREASES • MANAGEMENT AIMS TO RESTORE BALANCED REVENUE GROWTH THROUGH HIGHER ARPU & NET PAYING SUPPLIER ADDITIONS OVER THE NEXT 2–3 YEARS, BUT HAS NOT PROVIDED NUMERICAL FY27 GUIDANCE • MANAGEMENT EXPECTS BUSY INFOTECH GROWTH TO MOVE CLOSER TO ITS EARLIER 20–30% RANGE AS COMPARISON BASE EFFECTS NORMALISE FROM Q3 FY27 • MANAGEMENT MAY DOUBLE PERFORMANCE MARKETING INVESTMENT ONCE TARGETING EFFICIENCY IMPROVES, AGAINST CURRENT ADVERTISING SPENDING OF APPROXIMATELY ₹8–9 CR PER QUARTER • Q2 CONSOLIDATED REVENUE GREW 10% YOY TO ₹429 CR, WHILE CUSTOMER COLLECTIONS INCREASED 9% TO ₹443 CR • Q2 CONSOLIDATED EBITDA STOOD AT ₹159 CR, WITH EBITDA MARGIN AT APPROXIMATELY 37%, WHILE NET PROFIT REACHED ₹91 CR • Q2 OPERATING CASH FLOW STOOD AT ₹135 CR, WHILE CASH & TREASURY INVESTMENTS REACHED ₹3,234 CR & DEFERRED REVENUE GREW 16% YOY TO ₹2,029 CR • TOTAL PAYING SUPPLIERS STOOD AT APPROXIMATELY 2.17 LAKH, WITH NET SUPPLIERS DECLINING BY 615 DURING Q2 DUE TO ELEVATED SILVER SUBSCRIPTION CHURN • MANAGEMENT ACKNOWLEDGED THAT PAYING SUPPLIER NUMBERS HAVE REMAINED BROADLY STAGNANT FOR NEARLY TWO YEARS, WITH RECENT REVENUE GROWTH PRIMARILY DRIVEN BY HIGHER ARPU • SILVER SUBSCRIBER 12-MONTH RETENTION REMAINS APPROXIMATELY 10% BELOW LEVELS SEEN 4–5 YEARS AGO, WHILE MANAGEMENT HAS NOT PROVIDED A RECOVERY TIMELINE • GOLD & PLATINUM SUBSCRIBERS REPRESENT APPROXIMATELY 50% OF PAYING SUPPLIERS BUT CONTRIBUTE AROUND 75% OF REVENUE, SUPPORTED BY HEALTHIER RETENTION & UPSELLING • Q2 UNIQUE BUSINESS INQUIRIES STOOD AT APPROXIMATELY 27 MILLION, WITH INQUIRY VOLUMES 10–15% BELOW EARLIER PEAK LEVELS AMID AI SEARCH DISRUPTION & DATA ACCESS RESTRICTIONS • COMPANY HAS DEPLOYED OVER 20 AI INITIATIVES, WITH AI VOICE AGENTS HANDLING APPROXIMATELY 80,000–1,00,000 BUYERS DAILY TO IMPROVE LEAD GENERATION & OPERATING EFFICIENCY • BUSY INFOTECH Q2 BILLING GREW 20% YOY TO ₹46 CR, REVENUE INCREASED 27% TO ₹37 CR & DEFERRED REVENUE JUMPED 40% TO ₹155 CR, WITH APPROXIMATELY 11,000 NEW LICENCES SOLD • MANAGEMENT REMAINS FOCUSED ON SILVER RETENTION, AI ADOPTION & HIGHER-QUALITY BUYER LEADS, BUT STAGNANT PAID SUPPLIERS, DECLINING INQUIRIES, AI-DRIVEN SEARCH DISRUPTION & POTENTIAL MARGIN NORMALISATION REMAIN KEY RISKS

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