Infibeam Avenues Q3 net profit rises 42 percent to Rs 62 crore

Digital payments firm Infibeam Avenues reported a 42 percent increase in consolidated net profit to Rs 62 crore ($7.1 million) in the third quarter, as against Rs 44 crore in the year ago quarter.

The company’s revenue for the quarter rose by 18 percent to Rs 1,070 crore, as against Rs 907 crore in the corresponding quarter of the previous fiscal year.

During the quarter, the company’s payments business added Rs 1,010 crore to overall revenue while e-commerce added Rs 60 crore.

“This quarter, we have successfully onboarded several renowned merchants across various sectors, strengthening our market presence and expanding our service offerings,” Infibeam said in its investor presentation.

“The upcoming quarters will see the launch of Rediffpay and Rediffone, expanding our digital offerings. Additionally, Rediff is now a subsidiary of the company, strengthening our portfolio and market presence,” it added.

Infibeam operates the payment aggregator CCAvenue which earns revenue from payments and e-commerce.