Infibeam Avenues net profit soars 2.7X YoY to Rs 70 Cr in Q1 FY25
The fintech company, which operates the CCAvenue brand, earned Rs 752.75 crore in revenue from operations in the first quarter of FY25—a marginal 1.4% YOY improvement from Rs 742.36 crore in Q1 FY24.
Digital payments facilitator Infibeam Avenues has reported a consolidated profit after tax of Rs 69.63 crore for the quarter ended June 30, 2024, more than doubling from Rs 25.46 crore in the year-ago period.
The Ahmedabad-based fintech company, which operates the CCAvenue brand, earned Rs 752.75 crore in revenue from operations in the first quarter of FY25—a marginal 1.4% year-on-year improvement from Rs 742.36 crore in Q1 FY24, according to the company's stock exchange filing.
Total income for the latest quarter stood at Rs 780.66 crore (Rs 745.18 crore).
A chunk of its revenues came from its payments businesses, which grew 2.6% to Rs 704.77 crore in Q1 FY25, from Rs 686.71 crore in Q1 FY24. Meanwhile, its ecommerce platform business saw a 13.8% decline to Rs 47.98 crore in the latest quarter, from Rs 55.65 crore in Q1 of the previous financial year.
Total expenses for the quarter declined by 1.1% YoY to Rs 702.73 crore from Rs 710.63 crore in the same period last year. Operating expenses declined by 1.45% to Rs 634.25 crore (Rs 643.6 crore in Q1 FY24).
Year to date, its share price more than doubled from Rs 15.05 a piece to Rs 30.98 at market close on Thursday. However, the shares of the company have been fairly unstable, with the last six months returning a 18.04% loss.
Infibeam Avenues Limited is a prominent Indian fintech company established in 2007 by Vishal Mehta and Vishwas Patel. Headquartered in GIFT City, Gujarat, it specialises in digital payment solutions, ecommerce platforms, and enterprise software services.
As of FY24, Infibeam had onboarded over 10 million merchant accounts. Its transaction processing capabilities have improved to handle a payment value of Rs 2.57 lakh crore, excluding RuPay debit cards and UPI payments, in the financial year.
In March this year, Infibeam received the final authorisation from the Reserve Bank of India to operate as a payment aggregator under the Payment Settlements Act, 2007, for its payment gateway brand CCAvenue.
Edited by Swetha Kannan