Payment aggregator firm Infibeam posts Rs 1016 crore in Q2 revenues
12 Nov 2024, 05:40 PMThe company's net profit after tax rose to Rs 47.47 crore, up 16.7% from Rs 40.69 crore earned in Q2 FY24.
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Infibeam has reported an operating revenue of Rs 1,016.65 crore in Q2 FY25, a 29% yoy increase from Rs 786.97 crore in Q2 FY24, primarily driven by a significant increase in payment transaction processing.
The company's net profit after tax rose to Rs 47.47 crore, up 16.7% from Rs 40.69 crore earned in Q2 FY24.
Total expenses also grew by 30.4% YoY to Rs 957.13 crore, led by a rise in operating expenses.
Infibeam's Transaction Processing Volume (TPV) jumped to Rs 2,03,800 crore, led by the CCAvenue TapPay POS product.
Payment business accounted for 95.7% of its total revenues; while its e-commerce platform business contributed Rs 43.31 crore.
Infibeam Avenues Ltd, in its earning release, said it has registered impressive results for the second quarter of the FY25, primarily driven by a significant increase in payment transaction processing. The company attributes this growth to its flagship payment brand, CCAvenue, and a robust suite of payment products and infrastructure, strategically positioned to benefit from India's ongoing digital payment revolution.
"The firm’s previous investments in expanding its payment business and diversifying its brand portfolio have proven to be a substantial catalyst for this growth. Moreover, Infibeam’s current investments in the Artificial Intelligence 2 (AI) sector and consumer-facing initiatives (Rediff.com) are starting to yield business growth, signaling a positive trajectory for the company's future," it added.
“In Q2, we onboarded nearly 0.2 million new merchants, reflecting our commitment to simplifying commerce, with an average of 2,100+ new merchants joining daily across various industries and geographies. Our take rate improved significantly to 11.3 bps in Q2FY25, reflecting a 21% increase from the previous year, significantly boosting our profitability. We have observed a rise in transactions numbers related to ticket bookings, travel arrangements, hotel reservations, and educational institutions as they embrace digital payment solutions more than before. These trends have collectively contributed to a marked increase in payment transactions for the company,” said Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd.
“To achieve our FY25 financial goals, we are accelerating strategic initiatives with a focus on international growth, aiming for this segment to contribute 12-15% of net revenue within two years. Our priorities are centered on delivering profitable growth, leveraging investments like Rediff.com and our AI initiatives,” said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Ltd.