Infibeam Avenues Q2 net profit at Rs 25.9 crore

Infibeam Avenues on Friday said it has posted a manifold growth in consolidated net profit at Rs 25.9 crore in the September 2019 quarter.

The company had reported a net profit of Rs 7.6 crore in the year-ago period, Infibeam Avenues said in a regulatory filing.

Its total revenue declined by 41 per cent to Rs 168.4 crore in the quarter under review from Rs 284.4 crore in the year-ago period, it added.

In the last fiscal year, Infibeam had decided to focus on the core businesses of digital payments, data centre infrastructure and technology platforms for government and enterprise clients.

In sync with this strategy, it divested its non-core businesses -- e-commerce marketplace, product retail and platform solutions for small and medium enterprises.

The company said the comparable revenue of core business increased by 12 per cent year-on-year.

"During the quarter, we have taken initiatives to grow our digital payment and enterprise software platform in India and international markets while focusing on delivering robust operational performance," Infibeam Avenues Ltd Managing Director Vishal Mehta said.

The company has made strategic alliances and launched its payments platform in Saudi Arabia and plans to further expand in other international markets, he added.

The company said number of merchants using payment and software web services was over one million, while number of successful payment transactions processed was at 34.4 million - up 20 per cent Y-o-Y.

The value of successful payments processed stood at Rs 14,560 crore, an increase of 12 per cent Y-o-Y, it added.