 "Fintech")
Payments infrastructure company Infibeam Avenues posted a profit of Rs 41.4 crore in the third quarter of financial year 2024 (Q3 FY24), a 15.7 per cent increase from Rs 35.8 crore in Q3 FY23.
On a sequential basis, the company’s profits rose from Rs 40.9 crore in Q2 FY24.
The company attributed the growth in its profits to the festive season and the increasing adoption of its CCAvenue payment solution by merchants.
“The third quarter, being a festive period, witnessed a surge in financial transactions. The increased transactions (TPV) were predominantly driven by growth in the hospitality, travel, telecom, airline travel, and hotel sectors,” the company said in a statement.
Meanwhile, the Gandhinagar-based company saw its revenue from operations more than double to Rs 911.9 crore in Q3 FY24, up from Rs 414.7 crore in Q3 FY23.
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On a sequential basis, its revenue from operations rose from Rs 789.9 crore in Q2 FY24.
Similarly, the company’s expenses too have more than doubled on a year-on-year basis.
In Q3 FY24, it spent Rs 862.1 crore, up from Q3 FY23’s expenses which were pegged at Rs 383.6 crore. The company spent Rs 737.3 crore in Q2 FY24.
“We expect to see more action in the coming years in the payment space, as our innovative payment technology - CCAvenue TapPay - is increasingly gaining its foothold in the domestic market. CCAvenue TapPay, which is a digital PoS, has been at the forefront of transforming the way merchants collect money from their customers,” said Vishwas Patel, joint managing director, Infibeam Avenues.
Meanwhile, in a bid to focus on artificial intelligence (AI) capabilities, the fintech company has established an AI-Hub at GIFT City, Gandhinagar, naming it 'Phronetic.AI,'. It appointed Rajesh Kumar SA, former Director of Machine Learning at Meesho, as the CEO of this AI business vertical.
“We have added Artificial Intelligence (AI) as a horizontal business vertical supporting Platforms and Payments. This is a significant milestone for us, and we believe that it will completely change the way businesses are done by us,” said Vishal Mehta, chairman and managing director of the company.
Infibeam has also received approval from its Board of Directors to acquire a 49.5 per cent stake from the current shareholder of ‘So Hum Bharat Digital Payments’. Following the acquisition, So Hum will become a wholly-owned subsidiary of Infibeam.
