Fintech player Infibeam Avenues Limited (IAL) on Thursday posted a standalone net profit of ₹37 crore for the quarter ended March 31, 2023, versus ₹26 crore in the corresponding quarter a year ago, indicating 42 per cent growth year-on-year.

Standalone revenues from operations for the quarter stood at ₹608 crore, up 84 per cent from ₹330 crore a year ago.

For the fiscal 2022-23, the company’s net profit stood at ₹135 crore, up 93 per cent from ₹70 crore a year ago. Standalone revenues for the year increased 53 per cent to ₹1,787 crore from ₹1,167 crore a year ago.

The board of directors of the company has recommended a final dividend of ₹0.05 per equity share of ₹1 each (or 5 per cent) for the Financial Year ended March 31, 2023.

On a consolidated basis, the company’s profit after tax for the quarter ended March 31, 2023 stood at ₹38 crore, up 35 per cent from ₹28 crore a year ago. Consolidated quarterly income from operations stood at ₹653 crore up from ₹369 crore a year ago.

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For the fiscal 2022-23, consolidated net profit increased by 62 per cent to ₹136 crore, up from ₹84 crore a year ago. Consolidated income from operations for the year stood at ₹1,962 crore, up 52 per cent year on year from ₹1,294 crore a year ago.

Consolidated EBITDA for the year was recorded at ₹180 crore up 24 per cent, y-o-y.

In the segment revenues, the company’s payments business revenues for the year increased by 58 per cent to ₹1,793 crore, up from ₹1,134 crore last year, while e-commerce platform business revenues grew by 5 per cent to ₹169 crore, from ₹160 crore a year ago.

‘Outstanding performance’

Commenting on the results, Vishwas Patel, Executive Director, Infibeam Avenues Ltd, said, “There has been a significant rise in digital payments in India and Middle East. We onboarded more than 9 lakh merchants in the last 180 days and annually processed successful transactions of more than ₹2.2 lakh crore. With increased focus on offline merchants through our CCAvenue omnichannel TapPay app, we anticipate more aggressive growth in coming months.”

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“Our company’s total income in Q4 and FY23 has been bolstered by outstanding performance of payments and platforms businesses. And for the first time, our total income for the full year crossed ₹2,000 crore, up 56 per cent y-o-y. For the fourth quarter, total income increased to ₹674 crore, up 81 per cent y-o-y,” said Vishal Mehta, Managing Director, Infibeam Avenues Ltd.

Tie-up with PayPal

Recently, the company announced its partnership with PayPal in the MENA region. CCAvenue, a flagship brand of Avenues World FZ LLC, which is a subsidiary of Infibeam Avenues Limited, partnered with PayPal, a global leader in payment industry to offer global payment acceptance for businesses in the MENA region.

This allows MENA businesses the convenience of a single partner for all their payment requirements and streamlines processes for a seamless payment experience, the company said in its announcement.

Infibeam Avenues shares ended positive with gains of 1.94 per cent at ₹14.68 on BSE Thursday.