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Infibeam Avenues Q1 Result | Profit jumps 69% YoY to Rs 23 crore, revenue up 41%

The growth in profit and revenue was driven by a 72 percent YoY growth in Transaction Processed Values (TPV) to Rs 87,218 crore in the quarter.

August 04, 2022 / 03:45 PM IST

Digital payments solutions provider Infibeam Avenues saw a 69 percent year-on-year (YoY) rise in its consolidated profit after tax (PAT) to Rs 23 crore for the first quarter of the financial year 2022-23 (Q1FY23). Net revenue grew by 41 percent from Rs 52 crore a year ago to Rs 74 crore, the company said on August 4.

The growth in profit and revenue was driven by a 72 percent YoY growth in Transaction Processed Values (TPV) to Rs 87,218 crore in the quarter, as compared to Rs 50,651 crore a year ago. The growth in transactions was driven by the rise in digital payment transactions across industries like travel & tourism, aviation, hotel booking, discretionary spends, lifestyle (fashion items), retail, etc.

The company's core offering is its payment gateway CC Avenues which competes with players like Billdesk, PayU, and Razorpay, among others. The company also offers Point of Sales (PoS) for physical payment acceptance at outlets.

Currently, 6.4 million merchants are on Infibeam’s platform, a growth of 2x over FY22. The company added an average of 8,000 merchants per day in Q1 and is expecting the number to grow significantly due to the mass adoption of digitalisation.

The company cross-sells financial services to merchants in the form of invoice discounting, bill discounting, working capital loans, etc.

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Vishal Mehta, Managing Director, Infibeam Avenues said, "The return of demand has been tremendous, and it's ever-growing. We don’t see any demand and economic activities drop in the near future. High demand for goods & services from people, has also propelled the demand for business credit from merchants, to attain these increased demands."

The company has seen a 77 percent YoY rise in its merchant lending business called Express Settlement, Mehta added.

In the quarter, Infibeam Avenues launched CCAvenue TapPay along with the CCAvenue mobile app. The feature will convert any near-field communication (NFC)-enabled Android phone into a smart PoS terminal.

The company also forayed into Australia by setting up a wholly-owned subsidiary Infibeam Avenues Australia Pty Limited.
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first published: Aug 4, 2022 03:41 pm
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