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Infibeam Avenues net more than doubles to Rs 40 crore

The company said the higher bottom-line was driven by the highest-ever quarterly revenue, which grew 53 per cent to Rs 477 crore from Rs 311 crore a year ago, while net revenue jumped 29 per cent to Rs 79 crore in the reporting period from Rs 61 crore.

November 04, 2022 / 08:06 PM IST

Infibeam Avenues, the first listed payments infrastructure firm in the country, on Friday said its net profit for the second quarter rose 123 per cent year-on-year to Rs 40 crore.

The company said the higher bottom-line was driven by the highest-ever quarterly revenue, which grew 53 per cent to Rs 477 crore from Rs 311 crore a year ago, while net revenue jumped 29 per cent to Rs 79 crore in the reporting period from Rs 61 crore. The total payment value rose 44 per cent to Rs 92,612 crore from Rs 64,313 crore, the company said.

Infibeam, which recently got the Reserve Bank licence to operate as a payment aggregator, said it is exploring plans to build buyers and sellers apps for small merchants and also for large companies and retailers to facilitate their integration with the ONDC (Open Network for Digital Commerce).

Our strong performance gives us the confidence to deliver higher than our stated guidance, said Vishal Mehta, managing director of Infibeam, and attributed the record revenue numbers to the surging payment transactions in the domestic as well as from its operations in the UAE.

On the payment aggregator licence, he said this only strengthens our unique market position, as we are well-positioned in the payments ecosystem and will continue to provide differentiated products and services to our merchants and banks.

He also said that the company is ramping up its offline business through CCAvenue (SoftPoS), featuring the country's first pin-on-glass solution or tap-pay by penetrating the hinterlands and offering it internationally.

With this, he expects to increase the offline revenue contribution to 20-25 per cent by FY25. It is also planning to offer ONDC integration services to its 7 million-plus merchants and enable them on the digital commerce platform.

Currently, 7.3 million merchants are on Infibeam's platform, which doubled from last year and has almost 15,000 PoS terminals deployed and plan to take this number to 1 lakh by the end of FY23.
PTI
first published: Nov 4, 2022 08:06 pm