Internet and ecommerce company Infibeam Avenues recorded a 50% decrease in quarterly operating revenue on a consolidated basis, according to its exchange filings.
Consolidated net profit tanked by 16% to Rs 25.9 crore, year over year.
Amidst a busy quarter for corporate restructuring, the Ahmedabad-headquartered company had announced a demerger of its ecommerce service and other businesses, in September 2019.
The company said its operational revenue fell to Rs 158.3 crore in the third quarter ended December 2019, from Rs 320.3 crore, a year earlier.
On a standalone basis, the company said its net profit after tax fell to Rs 11.2 crore from Rs 26.6 crore, a year earlier. Operating revenue also fell 5% to Rs 142.6 crore.
Infibeam Avenues is, however, in no mood to pace its expansion plans.
The company expects to expand its digital payments business in “potential addressable market” internationally, increase digital payments market share in India and the MENA (Middle East, North Africa) region, the company said in a statement on Tuesday.
In September, CCAvenue, a digital payments arm of Infibeam Avenues, had signed a strategic collaboration with Riyad Bank to offer digital payments solutions in Saudi Arabia and tap into the gulf’s e-commerce market.
In 2018, the company had expanded its payment services to Saudi Arabia through the acquisition of Vavian International, a digital payments processing company in the Middle East.
Domestically, the online payments gateway is a competitive market with major players like payment gateways CCAvenue, PayU, Billdesk and new-age player Razorpay.
CCAvenue’s clientele in India includes Indigo Airlines, MakeMyTrip, Myntra, Snapdeal amongst others. In the United Arab Emirates, it caters to At The Top (the observation deck at Burj Khalifa), Emaar Properties, HTC Mobiles, Manipal University, and Axiom Telecom.