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Infibeam’s Q2 net profit soars 134% on the back of its services segment

Infibeam

We missed this earlier. 

Ecommerce company Infibeam reported services revenue of Rs 33.61crore for the quarter ended September 2016 (Q2 FY17). This represents a rise of 29% from Rs 25.96 crore in the same quarter last year. The services segment of Infibeam includes sale of software and ecommerce ancillary services. The segment posted a profit of Rs 22.22 crore for the quarter, up 53.7% from Rs 14.45 crore in the same period last year.

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The services segment includes BuildaBazaar platform which provides cloud-based solutions for merchants. Their merchant base stood at 61,248 at the end of the September quarter. BuildaBazaar earns by charging a set-up cost to merchants, as well as through monthly fee and a per-transaction commission.

Ecommerce results

Infibeam’s ecommerce division – which sells products – reported revenues of Rs 81.05 crore, an increase of 32.76% from Rs 61.05 crore in the same quarter last year. However, the segment posted a loss of Rs 2.7 crore, widening from a loss of Rs 59 lakh in the same quarter last year.

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As of June 2016, the company has more than 15 million stock keeping units (SKUs) and 8.24  million active users on Infibeam.com.  The company claimed that it has over 61,248 registered merchants who sell directly on Infibeam.com.

Financials

– Infibeam’s net profit grow 134% to Rs 7.8 crore from Rs 3.3 crore in the quarter last year.

– Total revenue increased 22% y-o-y to Rs 114.67 crore

–  EBITDA increased 176% y-o-y to Rs 21.3 crore.

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Other highlights

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– Infibeam entered into a MoU with IL&FS Township & Urban Assets Limited for projects in digital space and e-commerce for Central Government, various State Governments and Private Partners.Infibeam will set up a Special Purpose Vehicle (SPV) to provide technology and office premises for expanding and implementing digital projects that would be implemented by SPV. “The said SPV will target indicative achievable revenue opportunity of Rs 1,250 Crores over a period of five years starting from FY 2017- 18,” the company added.

– Infibeam, through its Dubai subsidiary, entered into a licensing arrangements and joint venture with UAE-based KSK Capital for offering e-commerce solutions of marketplace and distributed marketplace along with digital marketing under its global platform. The joint venture company, to be held in 49:51 ratio between Infibeam and KSK Capital, would cater to about 40 countries in Middle East and Africa (MEA) region for offering e-commerce solutions to merchants and consumers.

–  The company signed an agreement with Gujarat Cooperative Milk Marketing Federation (GCMMF) for developing an ‘online and mobile’ framework to enable selling Amul products “direct to home”.

Download: Press release | Financials | Presentation

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