Company eyes ₹4 lakh crore transaction value this fiscal driven by TapPay technology
Infibeam Avenues Limited (IAL) on Monday posted 84 per cent jump in the consolidated revenues to ₹369 crore for the quarter ended March 31, 2022, as against ₹201 crore in the same quarter a year ago. Consolidated profit after tax fell 11 per cent to ₹28 crore for the quarter under review as against ₹32 crore in the corresponding quarter last year.
For the full year performance, company posted consolidated net profit of ₹84 crore(₹70 crore in FY21) on revenues of ₹1,293 crore(₹676 crore in FY21), indicating a growth of 19 per cent and 91 per cent in net profits and revenues respectively.
Strong revenue growth is attributed to transaction-based businesses, transaction processed value (TPV), which was up 70 per cent y-o-y to ₹85,500 crore (50,391 crore in Q4FY21) for the quarter. .
Also, strong growth across Payments and Platform businesses, in India and internationally, added to the revenue growth. “A lot of newer technologies, and businesses, which were down due to Covid, including travel, hospitalities, online/offline retail merchants etc, are driving the growth from the revenues. This has given this transaction volumes growth on year-on-year basis,” said Vishwas Patel, Executive Director, Infibeam Avenues Limited.
TPV grows by 100%
At a consolidated level, company’s TPV for the fiscal 2021-22 grew by 98 per cent y-o-y to ₹2,75,891 crore, (₹1,39,405 crore) .
The company has given a business outlook for fiscal 2023 to grow TPV to ₹4 lakh crore with a target to increase the share in the country’s digital payment space to 9-10 per cent from the current 8 per cent.
New tech to enable growth
Patel also stated that the company targets gross revenues in the range of ₹1,600-1,700 crore, with EBITDA expected to be in the range of ₹170-190 crore and PAT in the range of ₹110-120 crore for the fiscal. He mentioned that the existing business will continue to grow with the growth in the economy. Also with the newer technologies that will contribute to the TPV growth.
“With the launch of new technology like TapPay, we are looking at the big scale in the offline retail world. The contact-less payment technology will enable merchants and retail shop owners to accept card payments. This and many other things are planned for the coming year and we will be able to achieve this number,” said Patel.
Infibeam is also expanding its international operations by opening a subsidiary in Australia, besides its presence in Oman, UAE and Saudi. The company looks to offer payments and platform technology in the Australian market, which will significantly contribute to the company’s international revenues that currently forms about five per cent of the overall revenues.