Infibeam Q1 net profit more than doubles to Rs 28.8 Cr
Its total income from operations, however, declined 27 percent to Rs 185.5 crore in the quarter under review from Rs 255 crore in the year-ago period, it added.Press Trust of India
Infibeam Avenues on Thursday said its consolidated net profit more than doubled to Rs 28.8 crore for the quarter ended June 30, 2019.
The company had reported a consolidated net profit of Rs 12.6 crore in the April-June 2018 period, Infibeam Avenues said in a regulatory filing.
Its total income from operations, however, declined 27 percent to Rs 185.5 crore in the quarter under review from Rs 255 crore in the year-ago period, it added.
In the last fiscal year, Infibeam had decided to focus on the core businesses of digital payments, data centre infrastructure, and technology platforms for government and enterprise clients.
In sync with this strategy, it divested its non-core businesses -- ecommerce marketplace, product retail and platform solutions for small and medium enterprises.
"The revenues in prior quarter ended June 30, 2018 and March 31, 2019 and year ended March 31, 2019 include the revenue of non-core business as mentioned above which is not reflected in current quarter ended June 30, 2019," it said.
The company said it has doubled the digital payment processing business in the past three years. This was led by additional processing from existing merchants, adding new merchants, growing payments across new categories like utility payments as well as international expansion of digital payments and enterprise technology platforms.
"We have started new fiscal year with strong Q1 performance. We expect to grow our business through expanding digital payments and checkout platform in domestic and international markets," Infibeam Avenues Managing Director Vishal Mehta said.
He added that the company has expanded its presence in Saudi Arabia, which will add to processing volumes this quarter.
"It is our strategy to continue to invest and expand digital payment and checkout platform in multiple countries this year," he added.