Digital payments facilitator Infibeam Avenues has recorded a 12.2% rise in net profits for the financial year ended March 31, 2024, to Rs 209.5 crore on a consolidated basis as a rise in revenues matched ballooning expenses.
The Ahmedabad-based fintech company, which offers services via its brand CCAvenue, earned Rs 3,171 crore in revenue from operations—a 61.6% improvement from FY23, which matched the jump in expenses from Rs 1,846 crore in FY23 to Rs 2,989.5 crore in FY24.
In the last quarter of FY24, the company saw a substantial decline in its payments business—from Rs 858 crore in the quarter ended December 31, 2023, to Rs 670 crore in Q4. However, it managed to boost its profits by 20% quarter-on-quarter (QoQ) to Rs 49.2 crore in Q4 FY24 on the back of expenses slashing by 21.2% QoQ.
In Q4 FY24, Infibeam Avenues notably reduced its operating expenses, which represent a substantial portion of its total expenditure, to Rs 620 crore—a 22.3% reduction compared with the previous quarter.
On a year-on-year (YoY) basis, the company’s revenue increased 11.3% to Rs 726.8 crore, rising from Rs 652 crore in Q4 FY23, while its net profit surged by 28.1% from Rs 38.4 crore in Q4 FY23.
“The company has demonstrated resilience and agility in navigating through the ever-evolving market landscape and was able to maintain its position as a frontrunner in the industry,” said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Ltd, in a statement while releasing the Q4 results.
In March, Infibeam received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment Settlements Act, 2007, for its payment gateway brand CCAvenue.
“In the upcoming fiscal year, our strategic focus will be on expanding internationally, with a particular emphasis on the Middle East market. This will accelerate our growth trajectory in this region, our international subsidiary has announced a pre-IPO round of up to $25 million. This investment will fuel our expansion efforts and propel us towards capturing a significant market share,” said Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.
Edited by Kanishk Singh
