Infibeam Q1 net profit slips 58.6 pc to Rs 12 cr
We remain focused in driving on the long-term growth strategy which includes new business offerings and expansion to new geographies for creating true value for our consumers, business customers and stakeholders, Infibeam Avenues Managing Director Vishal Mehta said.
Infibeam Avenues on Wednesday reported a 58.6 per cent decline in consolidated net profit at Rs 12 crore for June 2020 quarter.
The company had posted a net profit of Rs 29 crore in the year-ago period, Infibeam Avenues said in a regulatory filing.
The company offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals.
Its revenue declined 44.6 per cent to Rs 103 crore in the quarter under review as compared with Rs 186 crore in corresponding period of 2019-20, it added.
On sequential basis, net profit was lower by 39 per cent from Rs 19 crore in March 2020 quarter (excluding exceptional gain), while revenue was down 24 per cent from Rs 136 crore.
The company said if not for COVID-19, its revenue would have grown 16 per cent quarter-on-quarter to Rs 160 crore and its net profit would have been higher by 28 per cent to Rs 24 crore.
This is based on pre-COVID run-rate in March 2020, and take rate, EBITDA and PAT margins of FY20, it added.
The company said payments volume in India saw recovery by June-end with average daily payment volume and value crossing March levels despite aviation, travel and tourism, and hotel industry volumes still continuing to be very low.
In the UAE, month-on-month growth was seen in volume and value.
The payments TPV (Transaction Processed Value) in August was about Rs 7,800 crore with annualised run-rate at about Rs 94,000 crore.
"We remain focused in driving on the long-term growth strategy which includes new business offerings and expansion to new geographies for creating true value for our consumers, business customers and stakeholders," Infibeam Avenues Managing Director Vishal Mehta said.
The company has successfully built a strong business over the years and strived to enhance business value while driving strong revenue and profit growth, he added.
"Our new business and international expansion will exponentially increase volume and thus, earning improvement in take rates, profitability margins and cash flows," Infibeam Avenues Chief Financial Officer Hiren Padhya said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.