Ahmedabad, Nov 4 Fintech player Infibeam Avenues Ltd on Friday posted standalone net profit at ₹47 crore for the quarter ended September 30, 2022, up 213 per cent as against ₹15 crore in the same quarter a year ago.
The company’s income from operations stood at ₹435 crore for the quarter, up 53 per cent from ₹284 crore in the same quarter last year. Total expenses on standalone basis increased by 53 per cent to ₹408 crore as against ₹266 crore in the same quarter last year.
For the segment revenues, company’s payments business grew by 61 per cent from ₹247 crore to ₹398 crore year–on-year. The e-commerce business grew marginally by about 3 per cent from ₹36 crore to ₹37 crore.
On consolidated basis, company’s quarterly net profit stood at ₹40 crore for the quarter, up 123 per cent as against ₹18 crore in the corresponding quarter last year. Consolidated revenues from operations stood at ₹477 crore (₹311 crore).
During the quarter, the company reported highest-ever consolidated quarterly gross revenues, while also recorded highest-ever quarterly transaction processing value (TPV) of ₹1 lakh crore, up 44 per cent year-on-year.
The company also informed that it is exploring plans to build buyers & sellers apps for merchants – MSMEs, SMEs, Large Companies & Kirana stores to facilitate their integration with ONDC (Open Network for Digital Commerce) along with payments.
It plans to offer ONDC integration services to its 7 million plus merchants and enable them on ONDC, as per the protocol.
“Infibeam Avenues will play a role of an enabler, where it will facilitate and ensure the merchants – MSMEs, SMEs, large companies and even Kirana stores, get connected with the ONDC network and thus enabling them to expand further their business horizon for their imminent future commerce, where most of the businesses and customers will have embraced e-commerce/digital marketplace as part of their daily life,” said Vishal Mehta, Managing Director, Infibeam Avenues Ltd.
“Our solutions have global acceptability, and we are expanding our geographical footprints at a fast pace. The payment aggregator licence only strengthens our unique position in India. We are extremely excited about the next phase of growth that we will deliver through our comprehensive omnichannel solutions and are fully geared to take this organisation to the next level,” added Mehta.