Infibeam's net profit grows by 129% to Rs 28.8 Cr in Q1 FY20

India’s first listed e-commerce company, Infibeam Avenues has once again continued its momentum and posted another profitable quarter.

The Ahmedabad-based firm has reported 129% growth in its consolidated net profit at Rs 28.8 crore in the quarter ending on June 2019 or Q1 FY20. It had registered a consolidated net profit of Rs 12.6 crore in the year-ago period (April-June 2018).

On the revenue front, the firm's total income stood at Rs 185.5 crore in Q1 FY20, which shows a 27% decline from Rs 255 crore in Q1 FY19. For entire FY19, it has registered Rs 1,159.07 crore in annual total revenue and Rs 126.31 crore in annual profit after tax or net profit.

According to Infibeam, the current consolidated results may not be comparable as some revenues and net profits including those of its non-core business and subsidiaries wasn't included.

Last year, it also divested from its non-core businesses including e-commerce marketplace, product retail and platform solutions for SMEs, to focus on digital payments space. And strong transaction growth in the digital payments was the reason behind the improved Q1 FY20 result, said Infibeam in a press statement.

Primarily started as an e-commerce firm, it had pivoted to B2B services such as payment gateway (CC Avenue), bill payments (Bill Avenue), and data center services.

In October 2018, Infibeam had lost Rs 9200 crore in company’s market capitalisation. Since the crash at the stock market,  the share price of Infibeam Avenue has not been able to recover. Once trading at Rs 237.60 per share, Infibeam's share price has been flat in whole 2019 and is currently trading at Rs 42.75 on the National stock exchange (NSE).