Infibeam Avenues Announces Financial Results for Q3 FY24
Gandhinagar, India’s first listed software platforms and payments infrastructure company, Infibeam Avenues Limited (“Infibeam” or “The Company” or “IAL”), (BSE: 539807; NSE: INFIBEAM), has today announced its financial results for the second quarter ending December 31, 2023.
Consolidated Financial Performance Review: Infibeam Avenues Ltd has reported robust consolidated gross revenue of INR 9,120 million, accompanied by a Profit After Tax (PAT) of INR 421 million in the third quarter of FY24. The Q3 FY24 gross revenue witnessed a remarkable increase of 120%, and Q3 PAT saw a substantial growth of 64% compared to the corresponding quarter of the previous financial year. The EBITDA also exhibited noteworthy growth of 45% Year-over-Year (YoY) to INR 690 million.
The company’s robust performance in PAT further underscores its strong operational capabilities. This notable third-quarter growth is attributed to the festive season and the increasing adoption of CCAvenue payment solution by the merchants. The third quarter, being a festive period, witnessed a surge in financial transactions. The increased transactions (TPV) were predominantly driven by growth in the hospitality, travel, telecom, airline travel, and hotel sectors. The TPV rose by 75% YoY, reaching INR 1,810 billion, with payment TPV increasing by 32% to INR 709 billion and platform TPV by 134% to INR 981 billion, during the third quarter.
In Q3 FY23-24, the company’s India payment net take rates remained stable at 8.5 basis points, same as the previous quarter, but higher compared to the same quarter of last year. Company’s India payments business thus continues to grow without compromising on profitability. A constant rise in the number of merchants has been a key contributor to Q3 growth, with approx. 228,000 merchants added during the quarter, averaging approx. 2,500 daily.
Chairman & Managing Director, Mr Vishal Mehta told that, ” Over the past several years, we have been forward investing in new technologies and have successfully continued our upward growth trajectory. Whether it is in the case of our payment business vertical or platform business vertical, we have been tireless in our efforts to innovate and grow. Now, we have added Artificial Intelligence (AI) as a horizontal business vertical supporting Platforms and Payments. This is a significant milestone for us, and we believe that it will completely change the way businesses are done by us. With the confidence in this new addition propelling us, we aspire to reach new heights, sustaining our upward growth trajectory.
Joint Managing Director, Mr Vishwas Patel told that, “Infibeam Avenues Ltd has witnessed overwhelming growth in Q3, on the back of growth in platform and payment businesses. We expect to see more action in the coming years in the payment space, as our innovative payment technology – CCAvenue TapPay – is increasingly gaining its foothold in the domestic market. CCAvenue TapPay, which is a digital PoS, has been at the forefront of transforming the way merchants collect money from their customers.
