India’s first listed e-commerce platform Infibeam Avenues has reached a new milestone of recording Rs 26.6 crore as net profit for December 2018 quarter. To recall, it was the aftermath period for the Ahmedabad-based firm when it witnessed a debacle of Rs 9,200 crore market cap in a single day.
This is a 14X growth in profit as compared to October-December 2017 quarter when its profit stood at Rs 1.9 crore.
Infibeam’s total revenue also grew two-fold to Rs 150.3 crore in the quarter, compared with Rs 73.6 crore in the October-December 2017 period, said the company in a press statement.
While EBITDA for the quarter registered a 145 per cent year-on-year growth to Rs 45.7 crore, the profit before tax improved to Rs 33.2 crore, a 423 per cent year-on-year growth.
Infibeam’s Managing Director Vishal Mehta attributed the growth to the company’s strong traction in the payments business, GeM contribution, and the synergies being realised across its cloud platforms.
The company claims to processed 30 million payment transactions worth Rs worth Rs 11, 470 crore, on the other hand, cumulative order value on GeM has been increased to Rs 18,894 crore.
By the year-end, it aims to process payments worth Rs 50,000 crore.
For the uninitiated, Infibeam has two main offerings BuildaBazaar–SaaS-based e-commerce solutions, and CCAvenue–that provides payment solutions to India’s e-merchants.
The company has a strong active merchant base of over 600,000, across its web services platforms.
The October-December period was one of the worst phases for the company. Around that time, its president Jason Kothari resigned and the firm called off Unicommerce deal. Adding more woes, Infibeam’s auditor raised serious concerns over its merger with payment gateway – Avenues India Pvt Ltd (formerly CCAvenue).
Since the crash at the stock market, the share price of Infibeam Avenue has not been able to recover. Before the downfall, the price of one share of the company was stood at Rs 237.60. Currently, it is trading at Rs 35.55 on the National stock exchange (NSE).