Infibeam Avenues Q4 results: Reports net profit of Rs 32 cr

NEW DELHI: on Thursday said its consolidated net profit stood at Rs 32 crore in the March 2021 quarter.

The company had reported a net profit at Rs 24 crore in the year-ago period, Infibeam Avenues said in a statement.

This is excluding a one-time income and including Go Payments in the financial year 2019-20 for like-to-like comparison, it added.

Its gross revenue was up 42 per cent to Rs 201 crore in the quarter under review as compared to Rs 142 crore in the corresponding period of 2019-20, it said.

For the full year, gross revenue was up by 3 per cent to Rs 676 crore in the financial year 2020-21 from Rs 658 crore in the previous fiscal.

“We are very excited about building innovative digital technology solutions for more than 2.5 million merchants on our platform. Our business delivered a steady growth on a healthy foundation of digital payment

solutions and enterprise software platforms while adding an average of over 2,000 new merchants daily,” Infibeam Avenues Ltd Managing Director Vishal Mehta said in a statement.

Hiren Padhya, Chief Financial Officer of Infibeam Avenues, said the company achieved growth in the financial year 2020- 21 by achieving overall strong organic growth, driven by operational efficiency management and sustained margin growth.

Infibeam Avenues Ltd Executive Director Vishwas Patel said the company achieved a milestone of processing the highest-ever transaction value of Rs 1.4 trillion (USD 19 billion) in the financial year 2020- 21, despite COVID-19 spread impacting some of the key retail sectors like aviation, hospitality, entertainment, travel, and tourism.

“We continue to invest in innovative payment technology solutions to support the vision and growth of our clients and partners,” he added.

The company expects its transaction processing value (TPV) to increase to USD 100 billion in 3-5 years from the financial year 2021-22 run rate of USD 28 billion, while secured lending to merchants under neo banking is estimated to increase from USD 100 million to USD 200 million in the financial year 2021-22, the statement said.

The company clocked a TPV of Rs 139,405 crore (USD 19 billion) in the financial year 2020-21.

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