Software and payments infrastructure company Infibeam Avenues Limited has reported a consolidated gross revenue of Rs 789.9 crore with a profit after tax of Rs 38.3 crore in the second quarter of FY24.
This is a 6.3% surge in its scale when compared to the last quarter or Q1 FY24.
The company attributes the rise in total TPV to both a rise in payments as well as platforms TPV. While payments TPV rose 28% YoY to INR 769 billion (Rs 76,900 crore?), the company’s largest software platform implementation customer recorded a growth in TPV by 155% over Rs 1 trillion in a single quarter.
According to the company, it has added 6 lakh merchants in H1 FY24, of which 2.7 lakh merchants were added in Q2 FY24.
The company’s payment net take rates experienced a significant increase in Q2 FY24, up 25% YoY to 9.3 basis points, primarily due to a substantial influx of small merchants who, in turn, made the most substantial contribution to the surge in Infibeam Avenues Ltd’s payment business net take rates.
For the first time, the company recorded a net revenue of more than Rs 100 crore, due to improvement in net margins which in turn led to strong operating performance. Both EBITDA and profit after tax, grew sharply, by 70% and 191%, respectively.
Concurrently, the company also observed a rise in the downloads of CCAvenue TapPay, which is now over 400,000. This payment software, available for download on the Google Play Store, can transform any NFC-enabled mobile device into an easy-to-use point-of-sale (POS) machine.
CCAvenue.ae, the UAE-based subsidiary of Infibeam Avenues, recently announced the introduction of its mobile-based QR Code payment solution in the UAE market for merchants to tap into the offline payments landscape.