IndiaMART's 3QFY22 performance was weaker than expected led by lowerthan-anticipated revenue growth (at 8.4% YoY) and paid suppliers (up 6K QoQ, +5% YoY). Moreover, EBITDA margin (at 41.9%; down 370bp QoQ) contracted as employee cost shot up 25% YoY due to wage hikes and increased onboarding, while ARPU dipped 0.8% QoQ owing to higher share of suppliers within the lower value package, as business normalized. Conversely, collections remained encouraging at +25% YoY, suggesting good visibility on FY23 revenue growth. Similarly, deferred revenue also increased 25% YoY, which should support 20%+ revenue growth in FY23....