Fintech company Infibeam Avenues Limited reported a 28 percent jump in net profit to Rs 49.2 crore in the quarter ended March 2024.
Operating revenue stood at Rs 726.8 crore, a jump of 11 percent against Rs 652.67 crore in the same quarter last year while expenses remained stable at Rs 679.3 crore.
Of the total revenue, Rs 669.8 crore came from payment business while Rs 57 crore was from the e-commerce business.
For the full year, net profit rose 14.5 percent to Rs 156 crore as against Rs 136.4 crore previously while revenue jumped 61.6 percent to Rs 3,171.09 crore compared to Rs 1,962.3 crore previously.
At the same time, the total expenses for the year were up by 62 percent.
Ahmedabad-based Infibeam offers payment infrastructure services along with Payment Gateway (PG) under its brand CC Avenue. It also provides software framework and infrastructure to enable e-commerce for large
enterprises and related services like domains and advertising.
Currently, the company claims to be processing over 10 million merchant accounts, handling Rs 2.57 lakh crore in payment value, excluding Rupay
debit cards and UPI payments.
The EBITDA exhibited growth of 21 percent YoY to Rs 60 crore. Further, the firm said it witnessed an increase in take rate from 8.5 bps in the first quarter of the year to 9.2 bps in Q4FY24.
During the quarter under review, the company acquired balance 49.50 percent stake from the existing Shareholder(s) of So Hum Bharat Digital Payments Private Limited. In FY24, Infibeam launched its AI business vertical under the brand – Phronetic.AI- and established an AI-Hub at GIFT City.
"In the upcoming fiscal year, our strategic focus will be on expanding internationally, with a particular emphasis on the Middle East market. This will accelerate our growth trajectory in this region, our international subsidiary has announced a pre-IPO round of up to Rs 25 million. This investment will fuel our expansion efforts and propel us towards capturing a significant market share." said Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.
The company has proposed final dividend of 5 percent for the FY24, subject to shareholders’ approval.
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