SUMMARY
For Q4 FY23, Infibeam Avenues reported a 36% rise in consolidated net profit to INR 38 Cr from INR 28 Cr a year ago
The company’s operating revenue jumped 51.6% to INR 1,962.3 Cr from INR 1,293.9 Cr in FY22
Infibeam Avenues’ total payment volume surged 52% to INR 4.5 Lakh Cr in March quarter as compared to INR 2.9 Lakh Cr
Ahmedabad-based fintech company infibeam
Avenues reported a 36% rise in consolidated net profit to INR 38 Cr during the quarter ended March 2023 from INR 28 Cr in the year-ago quarter. However, profit declined 8.6% from INR 35 Cr in the preceding December quarter.
On a yearly basis, the company reported a net profit of INR 136 Cr in FY23, a jump of 63% from INR 84 Cr in FY22.
The payments solution provider’s operating revenue zoomed 76.6% to INR 652.6 Cr in March 2023 quarter from INR 396.4 Cr a year ago. On a quarter-on-quarter (QoQ) basis, revenue from operations rose 12.2%. For full FY23, the company’s operating revenue jumped 51.6% to INR 1,962.3 Cr from INR 1,293.9 Cr in FY22.
Total expenditure rose 81.4% to INR 619.7 Cr in Q4 FY23 from INR 341.5 Cr in the corresponding quarter of the previous year. On a QoQ basis, expenditure rose 61.5%.
The company’s total expenses stood at INR 1,846.2 Cr in FY23, an increase of 52% from INR 1,213.5 Cr in FY22.
Infibeam Avenues earned almost 88% of its consolidated gross revenue through its payments business in FY23. CCAvenue, BillAvenue and GoPayments are the key offerings by the company in its payments vertical. The remaining 12% gross revenue came from GeM portal and other large enterprise software implementations.
“The company had the best quarterly performance in its history buoyed by both digital payments and software platforms businesses. These businesses have consistently outperformed and are reaping the benefits of maintaining a prudent business strategy of going after profitable revenue growth versus growth at any cost,” said Vishwas Patel, MD of Infibeam Avenues.
Key Operational Metrics
The company’s consolidated total payment volume (TPV) surged 61% to INR 1.5 Lakh Cr in March quarter of 2023 from INR 90,000 Cr in the year-ago previous quarter. In FY23, Infibeam Avenues reported a 52% increase in TPV to INR 4.5 Lakh Cr from INR 2.9 lakh Cr in FY22.
Payments Net Take Rate (NTR) expanded to 9 basis points (bps) in the March quarter of FY23 from 6.3 bps in the corresponding quarter of previous year. On a yearly basis, it expanded to 8.2 bps from 5.5 bps in FY22.
Infibeam Avenues said it onboarded 9 Lakh merchants in the last 180 days and annually processed transactions of more than INR 2,20,000 Cr in FY23.
“We anticipate our payment income growth trajectory to continue going forward as we look forward to have a profitable balance of payment and industry mix within our TPV, build tie-up with banks for providing them our payment infrastructure, continue to onboard new merchants, offline expansion through CCAvenue TapPay, as well as international expansion,” said Patel.
Shares of Infibeam Avenues ended 1.94% higher at INR 14.68 on the BSE on Thursday.
