IndiaMART, India’s largest online marketplace for business products and services, announced that its board of directors has recommended the issuance of bonus shares and a dividend for the financial year 2021-22.
The board has recommended the issuance of bonus shares in the ratio of 1:1, which means that shareholders will receive one bonus share for every share held. The bonus shares will be issued out of the company’s free reserves and will be subject to shareholder approval.
The board has also recommended a dividend of INR 20 per share, which amounts to a total dividend payout of INR 92.08 crore (approximately USD 12.4 million) for the year. The dividend payout is subject to shareholder approval and will be paid within 30 days of the annual general meeting.
The company’s decision to issue bonus shares and pay a dividend reflects its strong financial performance and its commitment to creating value for shareholders. IndiaMART has experienced rapid growth in recent years, driven by increasing demand for its online marketplace platform, which connects buyers and sellers of business products and services.
The company’s revenue for the year ended March 31, 2022, grew by 27% year-on-year to INR 1,264 crore (approximately USD 170 million), while its net profit increased by 63% year-on-year to INR 275 crore (approximately USD 37 million).
IndiaMART’s board also approved the appointment of Vivek Khandelwal as the company’s Chief Financial Officer, effective from June 1, 2022. Khandelwal will be responsible for driving the company’s financial strategy and operations, as well as supporting its growth and expansion plans.