- Revenue from operations at Rs 911.96 crore, up 119.9 per cent as against Rs 414.70 crore during the third quarter of FY23
- Payments business incrementally added over Rs 1 billion Gross Revenue in a single quarter
- Company Board approves 49.50% equity acquisition in So Hum Bharat
NE BUSINESS BUREAU
GANDHINAGAR, JAN 23
Infibeam Avenues Ltd, India’s first listed software platforms and payments infrastructure company,, on Tuesday reported its third quarter profit at Rs 41.44 crore, up 15.7 per cent in comparison to Rs 35.81 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 911.96 crore, up 119.9 per cent as against Rs 414.70 crore during the third quarter of FY23. The company EBITDA was up 42 per cent on-year at Rs 67.5 crore.
The company’s performance in PAT further underscores the company’s strong operational capabilities, it said. This notable third-quarter growth, it added, 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 per cent YoY, reaching Rs 181 thousand crore, with payment TPV increasing by 32 per cent to Rs 70.90 thousand crore and platform TPV by 134 per cent to Rs 98.10 thousand crore, 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 ofmerchantshas been a key contributor to Q3 growth, with approx. 228,000 merchants added during the quarter, averaging approx. 2,500 daily. The company attributes this growth to the growing relationship with the bank partners, and the impact of the RBI licensing regime, setting high standards for fintech players and creating significant entry barriers for new players.
Commenting on this, Vishal Mehta, Chairman & Managing Director, said, “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. Our third quarter (Q3) has witnessed strong growth, and we expect the same for the coming quarters. However, taking a long-term view after adding AI as our new major business growth driver, we expect to scale our revenue and profits. We are excited about the future and look forward to continuing to innovate and grow,” he added.
Vishwas Patel, Joint Managing Director, said, “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.”
Building on its earlier commitment to Artificial Intelligence (AI) , the company has made significant strides in Q3 to establish an AI-Hub at GIFT City, Gandhinagar, naming it as ‘Phronetic.AI,’. To steer AI venture, the company has appointed a CEO Rajesh Kumar, ex-Meesho Director of Machine Learning. The company has also inked a Rs 2,000 crore MoU with the Gujarat Government at the Vibrant Gujarat Global Summit held in early January 2024. To enable future high growth, the company, which processed transactions worth $54 billion in FY23, expects to witness an increase in its payment processing business through its entry into capital market software tech space as it made strategic investment in Pirimid Fintech. The company aspires to touch $1 Billion revenue (approximately Rs 8300 crore) by the end of March 2026.
Consolidated Financial Highlights (INR million)
| Particulars | Q3 FY24 | Q3 FY23 | Y-o-Y | 9m FY24 | 9m FY23 | YoY |
| TPV 1 | 1,810,197 | 1,035,916 | 75% | 47,78,027 | 29,69,478 | 61% |
| Gross Revenue | 9,120 | 4,147 | 120% | 24,442 | 13,097 | 87% |
| Net Revenue 2 | 1,128 | 846 | 33% | 3,224 | 2,368 | 36% |
| EBITDA 3 | 690 | 475 | 45% | 1,926 | 1,300 | 48% |
| EBITDA margin 3 4 | 61.2% | 56,2% | – | 59.7% | 54.9% | – |
| Profit After Tax (PAT) 3 | 421 | 257 | 64% | 1,121 | 615 | 82% |
| PAT margin 3 4 | 37.3% | 30.4% | – | 34.8% | 26.0% | – |
1 Includes i) Payments TPV [CCAvenue India and International + BillAvenue + Go Payments] + ii) GeM platform TPV.
2 Net Revenue = Gross Revenue – Direct Operating Expenses (predominantly payment processing revenue collected on behalf of ecosystem partners)
3 Excluding the notional impact arising from mark-to-market gain / (loss) from investment in listed security [this has no impact on cash flows]
4 as percentage of Net Revenue
