 "Infibeam Avenues Q4FY24 results: Net profit rises 26.2% to Rs 49.6 crore")
Fintech firm Infibeam Avenues, which operates the CCAvenue payment gateway, reported a consolidated net profit of Rs 49.6 crore in the fourth quarter of financial year 2024 (Q4FY24), up 26.2 per cent from Rs 29.3 crore in Q4FY23.
On a sequential basis, profit at the company increased 19.8 per cent from Rs 41.4 crore in Q3FY24.
In financial year 2024 (FY24), the company reported a net profit of Rs 158.1 crore, up 13 per cent from Rs 139.6 crore in the previous financial year (FY23).
Similarly, its net revenue from operations inched up 10 per cent from Rs 673.6 crore in Q4FY23 to Rs 743 crore in Q4FY24. Meanwhile, the company’s net revenue from operations declined 19 per cent sequentially from Rs 918.3 crore in Q3FY24 to Rs 743 crore in Q4FY24.
In FY24, its revenue from operations rose 57.3 per cent to Rs 3,199.1 crore from Rs 2,033 crore in FY23.
Expenses remained steady on a year-on-year basis for the company. It spent Rs 679.3 crore in Q4FY24, up 9 per cent from Rs 619.7 crore.
More From This Section
However, the Gandhinagar-based company has recorded an increase in expenses in FY24 on a cumulative basis.
Expenses rose 61 per cent on a year-on-year basis to Rs 2,989.6 crore from Rs 1,846.2 crore. The increase in expenses was driven by an increase in the company’s operating expenses.
The company has reported an increase in its profit after tax (PAT) and revenue on account of an expanded merchant base of over 10 million merchants.
“With the growth in digital payments, we have seen a significant amount of transactions. We have added on average more than 2,500 merchants every day in the quarter (Q4FY24). When merchants keep on getting added up, the number of transactions and the value of the transaction also grows,” said Vishal Mehta, Chairman and Managing Director of Infibeam Avenues, in an interaction with Business Standard.
"Our CCAvenue payments business stands tall on a robust foundation meticulously crafted to propel expansion and set us apart from competitors. A pivotal aspect of our overarching growth strategy revolves around enhancing merchant account engagement,” said Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.