Infibeam Avenues’ scale surges over 50% in FY23 and Q4


Fintech firm Infibeam Avenues has achieved nearly 3X growth in its scale between FY21 and FY23. This upward trend is complemented by healthy profits it made during the said period. 

Infibeam’s revenue from operations flourished 51.6% to Rs 1,962 crore during the fiscal year ending March 2023 as compared to Rs 1,294 crore in FY22, as per the company’s consolidated annual financial statements filed with the National Stock Exchange.


The company made 91.4% of its total operating revenue via its payment gateway and infrastructure business, which grew 58% to Rs 1,793 crore during FY23 from Rs 1,134 crore in FY22. Collections from its e-commerce platform business increased only 5.6% to Rs 169 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 70.7 crore as non-operating income (mainly from interest and gains on financial assets), which took the overall revenue up by 56% to Rs 2,033 crore during FY23.

On the expenditure front, operational costs which likely include infrastructure to manage its payment biz and other related charges, accounted for 88.5% of the total spendings. Akin to the growth in scale, this key cost too surged 58% to Rs 1,634 crore during FY23 from Rs 1,034 crore in FY22.


Employee benefits expenses inclined 32% to Rs 108 crore in FY23 from Rs 81.8 crore in FY22. Further, the company also incurred depreciation and amortization costs of Rs 61.6 crore during the period.

Total annual expenditures of Infibeam spiked 52.2% to Rs 1,846 crore during FY23 as compared to Rs 1,213 crore in FY22. 

Despite inflated expenses, Infibeam’s profits have remained healthy. In FY23, the company recorded Rs 136 crore in profit, which is 62.7% higher than Rs 83.6 crore in the previous fiscal year. Moreover, Infibeam Avenues’ cash flows from operations have gone down 7.4% during the year to Rs 113 crore.

As far as ratios go, the company’s EBITDA margin and ROCE improved to 12.31% and 5.68% in FY23. On a unit level, Infibeam spent Re 0.94 to earn a rupee of operating income during the period.


Q4 performance

On a quarterly basis, Infibeam Avenues’ scale grew 57.4% to Rs 652.6 crore during Q4 of FY23 from Rs 414.7 crore in Q3 of the same fiscal year. This also marks Infibeam’s best quarter during the fiscal year ending March 23. For comparison, the company generated Rs 414.7 crore, Rs 476.6 and Rs 418.3 crore operating revenue in Q3, Q2 and Q1 of FY23, respectively,

Importantly, Q4 proved to be the best quarter for Infibeam during FY23 as it managed to cross Rs 650 crore revenue mark.

Infibeam launched its IPO in March and got listed on the stock exchange during April 2016. In April last year, its share price was at its highest (Rs 20.25 per share) but has gone down to Rs 13.15 per share in June 2022. Currently it is hovering around Rs 15 per share with a market cap of Rs 4,025 crore or around $490 million.

A fresh impetus is likely to come from the next round of double-digit fundraise. The company is reportedly planning to raise up to $50 million by listing its UAE-based step-down subsidiary, Avenues World FZ LLC, on NASDAQ Dubai and Dubai Financial Market (DFM).

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