Infibeam posts 14 cr loss in June quarter, revenues up 27 pc at 91 cr

E-commerce and payment solution firm Infibeam Avenues has posted a standalone net loss of Rs 13.88 crore during the first quarter of this fiscal.

Its net profit stood at Rs 12.72 crore in the year-ago period, the Ahmedabad-based firm said in a statement.

However, revenues from operations rose by 27 per cent to Rs 91.34 crore during April-June period of this fiscal from Rs 72.13 crore in the year-ago period.

Infibeam Avenues Ltd, erstwhile Infibeam Incorporation Ltd, is a leading e-commerce and payments solutions provider to businesses and the government.

The company said that its profit after tax (PAT) fell "mainly due to onetime charge of impairment on investments, provisions, and zero merchant charges on debit card transactions up to Rs 2,000 per government mandate where reimbursement amount is not confirmed".

Infibeam said that its revenues increased due to strong growth in both the e-commerce solutions and payments solutions businesses. The e-commerce solutions has over 5,00,000 merchants on the platform. The company processed payments worth Rs 10,245 crore during the quarter, which is more than double from the year-ago period.

The company's MD Vishal Mehta said: "We have started FY19 strongly with company gaining new levels of scale by focusing on increasing transaction processing volumes for our Infibeam web services business."