IndiaMART delivered in line revenue and margin performance in 2QFY22. Paid suppliers increased by 4k (+3% QoQ and 6% YoY), while ARPU dipped by 2.6% QoQ due to a higher share of suppliers within a lower value package. Collections surged by 31% QoQ and 37% YoY, providing visibility on its near term revenue performance. We expect collections to continue to trend higher in coming quarters. Deferred revenue is up 4% QoQ and 20% YoY, which provides better visibility on FY23 revenue. Margin was in line, with EBITDA margin at 45.6% (est. 45.6%). Sequentially,...