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Internet software & services firm Infibeam Avenues announced Q3FY24 results:
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Transaction Processing Volume (TPV):
Q3 FY24 TPV reached Rs 1,810.2 billion, a 75% increase from Q3 FY23. -
Gross Revenue:
Recorded the highest-ever quarterly gross revenue of Rs 9,120 million, up by 120% compared to Rs 4,147 million in Q3 FY23. -
Net Revenue:
Net Revenue for Q3 FY24 stood at Rs 1,128 million, a 33% rise from Rs 846 million in Q3 FY23. -
EBITDA:
EBITDA for the period was Rs 690 million, marking a 45% year-over-year increase from Rs 475 million. -
Profit After Tax (PAT):
Q3 FY24 PAT was the highest ever at Rs 421 million, a significant 64% increase from Rs 257 million in Q3 FY23. -
PAT Margin:
The PAT margin improved to 37.3% for Q3 FY24, compared to 30.4% for Q3 FY23. -
Equity Acquisition:
Infibeam Avenues Ltd approved the acquisition of a further 49.50% stake in So Hum Bharat, which will make So Hum a wholly owned subsidiary. -
Financial Guidance Maintained for FY24:
The company expects to achieve Rs 30,000-33,000 million in Gross Revenue, Rs 4,100 - 4,150 million in Net Revenue, Rs 2,300-2,350 million in EBITDA, and Rs 1,300-1,500 million in PAT. -
Growth Contributors:
Areas such as hospitality, travel, retail, grocery, education, utilities, and notably 'revenge tourism' have substantially contributed to the TPV increase.
The success of the CCAvenue TapPay technology is particularly noted for the growth seen in merchant adoption. -
Board Resolutions and Future Plans:
An emphasis on Artificial Intelligence (AI) as a horizontal business vertical is expected to drive future growth.
The company aims to reach approximately Rs 83 billion in revenue by March 2026.
Chairman & Managing Director, Mr Vishal Mehta: highlighted the company's continual rise, fueled by investment in new technologies and innovation. He expressed optimism about AI driving the company to new heights.
Joint Managing Director, Mr Vishwas Patel: underscored the Q3 growth and the role of CCAvenue TapPay as a transformative digitally-driven payment solution. He conveyed confidence in the solution's potential to significantly contribute to business expansion in the future.
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