Infibeam Avenues Q4 standalone net profit jumps by 42%
Fintech player Infibeam Avenues Ltd (IAL) on Thursday reported a standalone net profit of Rs 37 crore for the quarter ended March 31, 2023, as against Rs 26 crore in the corresponding quarter last year, indicating a growth of 42 per cent year-on-year.
Standalone revenue from operations for the quarter was ₹608 crore, up 84 per cent from ₹330 crore a year earlier.
For the financial year 2022-23, the company’s net profit was Rs. 135 crore, up 93 per cent from Rs. 70 crore a year earlier. Standalone revenue for the year increased by 53 per cent to Rs. 1,787 crore from Rs. 1,167 crore a year earlier.
The Board of Directors of the Company has recommended a final dividend of 0.05 per share of equity of €1 (or 5 percent) for the financial year ending March 31, 2023.
On a consolidated basis, the company’s after-tax profit for the quarter ended 31st March 2023 was Rs. 38 crore, up 35 per cent from Rs. 28 crore a year earlier. The quarterly consolidated income from operations was ₹653 crore from ₹369 crore a year earlier.
For the financial year 2022-23, consolidated net profit increased by 62 per cent to INR 136 crore, up from Rs 84 crore a year earlier. Consolidated income from operations for the year was ₹1,962 crore, up by 52 per cent year-on-year from ₹1,294 crore a year earlier.
Consolidated EBITDA for the year was recorded at ₹180 crore, up by 24 per cent, YoY.
In revenue of this segment, the company’s payments business revenue for the year increased by 58 per cent to Rs. 1,793 crore, up from Rs. 1,134 crore last year, while e-commerce platform business revenue grew by 5 per cent to Rs. 169 crore, from Rs. . 160 crore a year ago.
‘Amazing performance’
Commenting on the results, Vishwas Patil, Managing Director, Infibeam Avenues Ltd, said: “There has been a huge uptick in digital payments in India and the Middle East. We have onboarded more than 9 merchants in the last 180 days and have annually processed successful transactions of more than INR 2.2 crore. With an increased focus on offline merchants with CCAvenue omnichannel TapPay, we expect even more robust growth in the coming months.”
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“Our company’s total income in Q4 and FY23 was boosted by the outstanding performance of payments and platform companies. For the first time, our total income for the full year crossed ₹ 2,000 crore, up 56 percent year-on-year,” said Vishal Mehta, Managing Director, Infibeam Avenues Ltd. .
Link with PayPal
The company recently announced its partnership with PayPal in the Middle East and North Africa region. CCAvenue, the flagship brand of Avenues World FZ LLC, a subsidiary of Infibeam Avenues Limited, in partnership with PayPala global leader in the payment industry providing global payment acceptance to businesses in the MENA region.
This allows companies in the Middle East and North Africa region the convenience of a single partner for all their payment requirements and streamlines processes for a seamless payment experience, the company said in its announcement.
Infibeam Avenues stock It ended positively with a gain of 1.94 percent at $14.68 on Thursday from BSE.