Digital payments facilitator Infibeam Avenues reports robust Q3 FY24 performance, revealing a remarkable 2.2X YoY growth in gross revenue to Rs 912 crore from Rs 414 crore in Q3 FY23. The company marks this as its “highest-ever quarterly consolidated gross revenue.”
Notably, net profit surges 64% YoY to Rs 41 crore in the October-December quarter, compared to Rs 25 crore in the year-ago period. EBITDA also sees a substantial increase, reaching Rs 69 crore from Rs 47.5 crore in Q3 FY23, showcasing “strong operational efficiency.”
Infibeam attributes this significant Q3 growth to the festive season and the rising adoption of its payment solution, CCAvenue, by merchants. According to the company, “The increased transactions were predominantly driven by growth in the hospitality, travel, telecom, airline travel, and hotel sectors.”
In Q3 FY24, the fintech firm processes transactions worth Rs 1,81,019 crore, marking an impressive 75% YoY growth. During the quarter, Infibeam adds 228,000 merchants to its platform.
The company credits the concept of ‘revenge tourism’ post-COVID-19 for the surge in spending within the travel and hospitality sector, contributing to the growth in total payment volume (TPV).
Joint Managing Director Vishwas Patel expresses optimism, stating, “We expect to see more action in the coming years in the payment space, as our innovative payment technology—CCAvenue TapPay—is increasingly gaining its foothold in the domestic market.”
Infibeam also reveals plans to acquire a 49.5% stake in So Hum Bharat Digital Payments Pvt Ltd, with approval from its Board of Directors.
