Indian internet conglomerate Infibeam Avenues saw its profits shrink 24% quarterly during the first quarter of fiscal 2021
The Company’s after-tax revenue source (PAT) and total bill volume (POS) were also incurred
In its monetary report for the quarter ended June 2020, the company states that the decrease was due to currency disruptions caused by the Covid-19 pandemic.
Indian Internet Conglomerate Infibeam Avenues, with participation in sectors such as virtual payments, e-commerce and Internet services, published its monetary report for the June quarter of fiscal year 2020-21 (FY21).
The report notes that the Company’s operations experienced a 24% consolidated decrease in quarterly profit (QoQ) in the first quarter of fiscal year 21, revenues amounted to INR 103 Cr. Infibeam provides a payment gateway and payment solution. white label (CCAvenue), invoices (BillAvenue), a hotel solution (ResAvenue), B2B invoices and a white label solution (B2Biz), payment processing for monetary establishments (CCAvenue PG Services-CPGS), virtual loans and card issuance (CCAvenue Finance) and business platform for electronic commerce.
The report adds that other key monetary measures, such as the source of after-tax income (PAT) and the overall volume of invoices (POS) also declined in the June quarter.While the PAT was 12 Cr INR (39 QoT less), the POS was 14,200 Cr INR (16% less quarter-on-quarter).
Another segment of the report mentions that without the currency disruption caused by the Covid-19 pandemic, the company’s turnover would have been 160 Cr, a 16% growth ToT, adding that other monetary measures such as PAT and POS, among others, had experienced growth.
Founded in 2007 through Sachin Dalal, Vishal Mehta and Ahmedabad-based Neeru Sharma, Infibeam provides end-to-end e-commerce payment responses to small and giant merchants, businesses and governments.
The company is also the first e-commerce company in the country to be indexed with the Securities and Exchange Board of India (SEBI) after receiving approval to raise $ 69 million (INR 450) in an initial public offering (IPO). ).
The Infibeam report adds that the company’s payment activities have been recovered in the form of a V and that the POS at the end of June exceeded the march 2020 levels, even though the aviation and hospitality sectors are largely affected by the national lock.induced through Covid-19.A similar finish observed through BillAvenue’s bill payment platform, with the volume and price of invoices expanding to 2x and 3x respectively for the quarter ending June 2020, compared to the first quarter of fiscal 2020.
“Covid-19 has led to a sharp increase in the adoption of virtual invoices for applications with monthly volume accumulation (MoM),” the report says.
The effects of Infibeam are consistent with the broader trend of virtual invoice expansion amid the Covid-19 pandemic in India.
The Unified Payment Interface (UPI) continued to grow with 1.61 billion transactions in August 2020, representing a transaction value of approximately 2.98 INR Lakh Cr.
The virtual payment company National Payments Corporation of India (NPCI) had announced in the past that UPI had completed 1.3 billion transactions worth INR 2.16 Lakh Cr in January 2020, and then rose to 1.32 billion transactions worth INR 2.22 La crkh in February.a slight decline in UPI transactions in March and April, which put transactions below one billion.
However, UPI has controlled to return to its expansion rate and will manage to cross nearly 2 billion transactions until the end of the year.Last month, he completed 1.49 billion transactions worth INR 2.90 Lakh Cr.
A report through control consulting firm RedSeer also indicates that the Covid-19 pandemic would lead to large-scale adoption of virtual invoices in India.
Infibeam claims to take over transactions for its consumers of more than $1 million on virtual invoices and enterprise software platforms.The company’s huge visitor base includes merchants, businesses, corporations and governments in domestic (India) and foreign markets.Operations are founded in the United Arab Emirates (UAE) with recent launches in Saudi Arabia and the United States.
The company’s recent report notes that expanding merchant success in India’s Tier 2 and 3 cities, as well as strategic progress in overseas geographic areas, were some of the operational highlights of the first quarter of the fiscal year. twenty-one.
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