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Infibeam Avenues’ net-profit falls 65% YoY despite rebound in payments

payments, digital payments

Infibeam Avenues Ltd's payments business grew by 56% over the past year processing ₹22,780 crore worth of transactions in Q2FY21, compared to ₹14,560 crore in Q2FY20. The full-stack online digital payments and enterprise software company witnessed a "V-shaped recovery" between April and September this year. However, despite the growth in its payments business, Infibeam posted a net profit of ₹9 crore in Q2FY21, down by 65% YoY. On a consolidated basis, the company's operating revenue was down by 8.3% YoY to ₹154 crore in Q2FY21 from ₹168 crore in Q2FY20. It posted a net profit of ₹9 crore in Q2FY21, down by 65% YoY, to ₹25.9 crore. On a sequential basis, operating revenues grew by 52% QoQ while net profit was down by 23% QoQ. Payments business performance The company processed 44 million payments transactions in Q2FY21, compared to 34 million in Q2FY20. Further, on the bill payments it processed 4.9 million transactions in Q2FY21 compared to 1.8 million transactions in Q2FY20, it said in an investors presentation. The company structured the pricing in its payment business in order to capture market opportunities in line with the industry, it said. On an daily basis, the company added over 150 new clients on the payments side, with retailers, education, groceries stores, doctors, advisors, consultants and professionals increasingly adopting its gateway service, it claimed. The company has over 1 million merchants on its payments gateway platform, CCAvenue, and 33 billers on the bill paymets platform, BillAvenue, at the end of September 2020.…

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