Ahmedabad Driven by a sharp rise in digital payment transactions in the areas of travel & tourism, aviation, hotel booking, fintech solutions provider Infibeam Avenues Ltd on Friday posted consolidated net profit of ₹23 crore for the first quarter ended June 30, 2022 indicating a rise of 76 per cent over ₹13 crore in the same quarter a year ago.
The consolidated gross revenues stood at ₹418 crore, up 93 per cent from ₹216 crore in the corresponding quarter a year ago. Net revenues increased by 41 per cent to ₹74 crore for the quarter as against ₹52 crore last year.
Transaction Processed Value (TPV) was up 72 per cent to ₹87,218 crore as compared to ₹50,651 crore in the first quarter of fiscal 2022.
“The results are above expectations. The sectors, which were down for about 18-20 months due to the pandemic has returned with transactions. Entertainment, travel have come back, and that has translated into the results that we see now,” said Vishwas Patel, Executive Director, Infibeam Avenues Ltd.
Lending business
The company’s EBITDA margins on net revenue increased to 58 per cent as against 54 per cent year-on-year.
Vishal Mehta, Managing Director, Infibeam Avenues Ltd, said, “High demand for goods & services from people, has also propelled the demand for business credit from merchants. We have registered a 77 per rise year-on-year in our merchant lending business – Express Settlement.”
The lending business under Express Settlement has shown remarkable growth. The company did lending of around ₹1,475 crore during the quarter.
Patel further said that a remarkable momentum is shifting towards digital payments in the country. “The latest RBI data reveals that 7.9 crore credit card holders spent on an average more than ₹1,00,000 crore in each month of first quarter of this fiscal, which is record high. POS and eCommerce are expected to contribute equally to digital payments value in FY23. This is where we are entering the offline payments market with our SoftPoS with tap-to-pay feature, that will be a game changer,” said Patel.
Infibeam has already announced its foray into Australian and US markets with its TapPay product. The company has recently launched CCAvenue Mobile App an omni-channel payment platform with a built-in tap and pay feature that converts Near Field Communication‐enabled Android phone into a POS terminal.