Infibeam Q1 consolidated profit up 129%
Digital payments platform Infibeam Avenues reported a consolidated net profit of Rs 28.8 crore for the first quarter ended June 30, 2019, an increase of 129% from Rs 12.7 crore reported during the same period of the last financial year.
Income from operations declined 27% to Rs 185.5 crore from Rs 255 crore in the year-ago period.
“We have started the new fiscal year with strong Q1 performance. We expect to grow our business through expanding digital payments and checkout platform in domestic and international markets. We have expanded our presence in Saudi Arabia which will add to processing volumes this quarter. It is our strategy to continue to invest and expand digital payment and checkout platform in multiple countries this year,” said Vishal Mehta, managing director, Infibeam Avenues.
The company had divested its non-core businesses including online e-commerce marketplace, product retail and platform solutions for small & medium enterprises to focus on the digital payments space, an official statement said.
"The revenues in the prior quarter ended June 30, 2018 and March 31, 2019 and year ended March 31, 2019 include the revenue of non-core business as mentioned above, which is not reflected in current quarter ended June 30, 2019," the statement added.
The company claims to have doubled its digital payment processing business in the past three years, reportedly led by additional processing from existing merchants, adding new merchants, growing payments across new categories like utility payments as well as international expansion of digital payments and enterprise technology platforms.
Infibeam, which is the parent company of payment gateway CCAvenue, expanded its payment services to Saudi Arabia in May 2018 through the acquisition of Vavian International, a digital payments processing company in the Middle East.
The company also announced a partnership with UAE-based AIRowad Information Technology Solutions to expand its web services and payment platform business.