Infibeam Avenues Records Impressive 63% Increase in FY23 Net Profit, Reaching INR 136 Cr

• ByStartupStory     |    May 26, 2023

Infibeam Avenues, a fintech company based in Ahmedabad, witnessed a significant 36% increase in consolidated net profit, reaching INR 38 crore during the quarter ending in March 2023 compared to INR 28 crore in the same quarter of the previous year. However, there was an 8.6% decline in profit from the preceding December quarter, which stood at INR 35 crore.

In terms of annual performance, Infibeam Avenues reported a noteworthy net profit of INR 136 crore in FY23, marking a remarkable 63% surge from INR 84 crore in FY22.

Infibeam Avenues, the payments solution provider, experienced a remarkable 76.6% surge in operating revenue, reaching INR 652.6 crore in the March 2023 quarter compared to INR 396.4 crore in the same quarter the previous year. On a quarter-on-quarter basis, revenue from operations witnessed a 12.2% increase. In the full fiscal year 2023, the company achieved a significant 51.6% growth in operating revenue, totaling INR 1,962.3 crore compared to INR 1,293.9 crore in FY22. 

The total expenditure of Infibeam Avenues rose by 81.4% to INR 619.7 crore in Q4 FY23 from INR 341.5 crore in the corresponding quarter of the previous year. On a quarter-on-quarter basis, expenditure increased by 61.5%. The company’s total expenses for FY23 amounted to INR 1,846.2 crore, representing a 52% rise from INR 1,213.5 crore in FY22.

In FY23, Infibeam Avenues generated approximately 88% of its consolidated gross revenue from its payments business. The company’s key offerings in the payments vertical include CCAvenue, BillAvenue, and GoPayments. The remaining 12% of the gross revenue was derived from the GeM portal and other large enterprise software implementations.

“The company had the best quarterly performance in its history buoyed by both digital payments and software platforms businesses. These businesses have consistently outperformed and are reaping the benefits of maintaining a prudent business strategy of going after profitable revenue growth versus growth at any cost,” said Vishwas Patel, MD of Infibeam Avenues.

During the March quarter of 2023, Infibeam Avenues witnessed a substantial 61% surge in consolidated total payment volume (TPV), reaching INR 1.5 lakh crore compared to INR 90,000 crore in the corresponding quarter of the previous year. In FY23, the company reported a notable 52% increase in TPV, amounting to INR 4.5 lakh crore compared to INR 2.9 lakh crore in FY22.

Furthermore, Infibeam Avenues experienced an expansion in Payments Net Take Rate (NTR) to 9 basis points (bps) in the March quarter of FY23, surpassing the 6.3 bps achieved in the same quarter of the previous year. On an annual basis, the NTR expanded to 8.2 bps from 5.5 bps in FY22.

“We anticipate our payment income growth trajectory to continue going forward as we look forward to have a profitable balance of payment and industry mix within our TPV, build tie-up with banks for providing them our payment infrastructure, continue to onboard new merchants, offline expansion through CCAvenue TapPay, as well as international expansion,” said Patel.

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