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Infibeam posts Rs 19.7 crore net profit with services contributing to growth

E-commerce company Infibeam posted a net profit of Rs 19.7 crore for the quarter ended June 30 (Q1 FY17), growing 107% from Rs 9.6 crore in the same quarter. Sequentially, net profit grew 44.85% from the preceding quarter. The company attributed the growth in net profit and revenue due to its web services segment while it said that the e-commerce segment maintained stability without burning cash.

Total revenue grew 79% to Rs 184.6 crore from Rs 103.1 crore in the same quarter last year. Total revenue stood at Rs 120.9 crore last quarter representing a growth of 52.69% sequentially.

EBITDA stood at Rs 36.4 crore in the quarter growing 115% from Rs 169 crore.

Services segment

Infibeam’s services segment includes BuildaBazaar platform which provides cloud-based solutions for merchants. BuildaBazaar earns by charging a set-up cost to merchants, as well as through monthly fee and a per-transaction commission. The company added that it is aggressively growing payments in international markets as it offers higher revenue per merchants in international markets.

  • Their merchant base stood at 76,829 merchants, up 34% in the same quarter last year.
  • The segment posted revenues of Rs 112.1 crore growing 249% from Rs 32.2 crore Q1FY17.
  • EBITDA margin stood at 39%.
  • Profit for the segment stood at Rs 36.92 crore growing 45.52% y-o-y.

E-commerce segment

Speaking to MediaNama, Infibeam CEO Vishal Mehta said that the company will be investing around Rs 37.5 crore in the e-commerce segment this year to expand to 75 cities in the country. He added that the company will be making investments primarily on the logistics side. “We will be looking at providing logistics to both the supplier and the merchant,” Mehta added.CCAvenue

  • The online shopping business posted revenues Rs 72.5 crore with a marginal 2% growth from the same quarter last year. Sequentially, the segment posted an 8.2% increase from Rs 67 crore.
  • E-commerce posted a loss of Rs 2.74 crore.
  • The company had 8.11 million active customers at the end of 1Q FY18.

Other highlights

  • Infibeam entered into a deal with payment gateway business CC Avenue put in an additional Rs 150 crore, for 7.5% share in the company last quarter. This follows a deal in May last year where Infibeam put in Rs 45 crore into Avenues. The company is moving towards an acquisition. It added that CCAvenue will soon have the Bharat Bill Payments Systems (BBPS) approval which will strengthen its position in the payments for utility and services transacted from its platform.
  • Infibeam has invested Rs. 20 million in Preference Shares of RemitGuru. Along with CC Avenue, Infibeam signed an agreement for investment into RemitGuru as an Anchor Investor. Prior to this investment, CCAvenue already held 26.76% equity stake in RemitGuru. RemitGuru is a digital cross border money remittance solution. Customers from more than 25 countries send money to India through this platform in 8 currencies.

Download: Press release | Financials

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