India listed e-commerce firm Infibeam Avenues has posted another profitable quarter. Though, second-quarter financial results for FY20 announced by the company revealed 10% downfall in net profit to Rs 25.9 crore from Rs 28.8 crore in the last quarter.
The Ahmedabad-based company total revenue also went down by 41% to Rs 168.4 crore in compared to last year figure, Rs 284.4 crore.
The company claimed to remain profitable due to growth in multiple dimension- value and volume of transactions processed in India and international markets, growth in the number of merchants, international expansion of payments in new markets and strategic collaboration for expansion of payments and platforms business.
The back-to-back profitable quarters for e-commerce firm has been achieved by narrowing down its focus on the core business of digital payments, data centre infrastructure and technology platforms for government and enterprise clients.
The company processed Rs 14,550 crore value of successful payments, which is an increase of 12% year-on-year. It claimed to processed 34.4 million payment transactions.
It also claims to have over 1 million merchants using payment & software web services.
“We have made strategic alliances and launched our payments platform in Saudi Arabia and plan to further expand in other international markets,” said Vishal Mehta, MD of Infibeam.
Recently, it had launched a payments platform in Saudi Arabia and now plans to further expand in other international markets.
In 2018, the company has divested from its non-core businesses including e-commerce marketplace, product retail and platform solutions for SMEs, to focus on digital payments space.
Initially started as an e-commerce firm, it had pivoted to B2B services such as payment gateway (CC Avenue), bill payments (Bill Avenue), and data centre 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.