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Fintech firm Infibeam Avenues on Tuesday released its financial results for the third quarter of the ongoing fiscal year (Q3 FY24). The results seem impressive with continuous growth in revenue along with profits.
Infibeam’s revenue from operations grew 15.4%% to Rs 912 crore in Q3 FY24 as compared to Rs 790 crore in Q2 FY24, as per the firm’s consolidated financial results published on the National Stock Exchange.
When compared to Q3 of the previous fiscal (Q3 FY23), the operating revenue of the company jumped over 2X from Rs 414.7 crore.
The firm made 94% of its total operating revenue via its payment gateway and infrastructure business, which grew 16.2% to Rs 858.2 crore in Q3 FY24 from Rs 738.4 crore in Q2 of the same financial year.
Collections from its e-commerce platform business increased only 4.3% to Rs 53.7 crore during the same period. For context, Infibeam also provides software framework and infrastructure to enable e-commerce and related services, including domains and advertising.
Additionally, Infibeam also earned Rs 6.37 crore as non-operating income (mainly from interest and gains on financial assets), which took the firm’s overall revenue to Rs 918.3 crore during the period.
On the expenditure side, operational overheads which likely include infrastructure to manage its payment biz and other related charges, accounted for 92.7% of the total cost. This key expense surged 17.7% to Rs 799 crore during Q3 FY24. Employee benefits expenses for the company remained stable at Rs 32.92 crore.
At the end, total expenditure of Infibeam increased 17% to Rs 862 crore during Q3 from Rs 737 crore in Q2 FY24.
Despite the rise in expenses, Infibeam managed to push its profits by a marginal 1% to Rs 40.8 crore in Q3 against Rs 40.4 crore in the previous quarter. Last year in the same quarter (Q3 FY23), it booked Rs 35.3 crore in net profits. On a unit level, the company spent Re 0.95 to earn a rupee in Q3 of FY24.
For the nine months ended period (Apr-Dec 2024), Infibeam recorded Rs 2,444 crore revenue from operations with a profit of Rs 106.7 crore.
Following the healthy financials, Infibeam achieved a 52-week high share price at Rs 28 per share last week while its share price currently stands at Rs 25.6 per share with a market cap of over Rs 7,000 crore.
In a separate disclosure, Infibeam also approved to acquire a 49.50% stake from the existing shareholders of So Hum Bharat Digital Payments Private Limited (So Hum). Post acquisition, So Hum will be a wholly owned subsidiary of Infibeam. Infibeam acquired a 50.5% stake in the digital payments firm in February 2021.
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