India, May 1 -- Nuvama Institutional Equities has cut the 12-month price target (PT) for IndiaMART InterMESH by 5% to INR 2,650 from INR 2,800 earlier, citing the B2B marketplace's subdued subscriber addition during the quarter ended March 2024.

In a report, the brokerage said that IndiaMART's slowing subscriber additions are affecting its collections. It maintained its 'HOLD' rating on the stock, saying there are no signs of recovery in subscriber additions.

This comes a day after the startup reported an over 78% increase in its consolidated net profit in Q4 FY24 at INR 99.6 Cr from INR 55.8 Cr in the year-ago quarter. IndiaMART said its consolidated collections from customers for Q4 FY24 stood at INR 484 Cr.

Nuvama said that paid sup...