Infibeam Avenues posts Rs 40.9 crore profit in Q2, income rises 6.3%

Fintech firm Infibeam Avenues on Thursday posted a Rs 40.9 crore profit after tax (PAT) on a consolidated basis during the second quarter of the financial year (Q2FY24), up 57 per cent quarter-on-quarter (Q-o-Q), from Rs 26 crore in Q1FY24.

The company had posted a Rs 40.7 crore profit in the second quarter of last financial year (Q2FY23).

The Gandhinagar-based fintech firm’s total income rose 6.3 per cent on a Q-o-Q basis to Rs 792.6 crore in Q2FY24 from Rs 745.1 crore in Q1FY24. On a year-on-year (Y-o-Y) basis, the company’s total income rose 55.6 per cent from Rs 509.4 crore in Q2FY23.

Its expenses inched up 3.8 per cent on a Q-o-Q basis. In Q2FY24, the company’s expenses were pegged at Rs 737.3 crore, whereas in Q1FY24 it spent Rs 710.6 crore. On a Y-o-Y basis, expenses rose 63 per cent from Rs 452 crore in Q2FY23.

"In Q2FY23-24, we witnessed an unprecedented onboarding of merchants, primarily small businesses. This influx has resulted in a higher take rate," said Vishwas Patel, Joint Managing Director at Infibeam Avenues.

The company said it aspires to emerge as a key player in the artificial intelligence (AI)-based fraud detection and prevention market.

The company said it aspires to emerge as a key player in the AI-based fraud detection and prevention market. It has established a dedicated AI vertical business unit, known as FAR (Fraud Detection, Authentication, and Risk Identification).

“Within this unit, the company will develop a range of tailored AI-based products and services designed to identify payment and financial frauds across various sectors, including banking, financial services, insurance, fast-moving consumer goods, manufacturing, fintech, utilities, government, and government agencies,” the company said.

It has invested Rs 100 crore by acquiring a new building, securing a plot area and a partially constructed building as part of its AI focus.

“The new campus in Ahmedabad will be an extension to Infibeam Avenues Ltd’s GIFT City AI-Hub. Currently, funded through internal accruals,” it said.

Payment gateway CCAvenue.ae, the United Arab Emirates-based subsidiary of Infibeam Avenues, in October, announced the launch of a mobile-based QR Code payment solution for merchants in the UAE market.