Infibeam reports jump in profit, revenue; e-commerce segment breaks even
Infibeam Incorporation Ltd, the operator of India's only listed e-commerce firm Infibeam and parent of payment gateway company CCAvenue, posted a consolidated profit after tax of Rs 20.8 crore in the last quarter of the financial year 2017-18, up from Rs 13.6 crore in the year-ago period.
Consolidated revenue from operations almost doubled to Rs 239.5 crore in the fourth quarter of 2017-18 compared to Rs 120.9 crore in the corresponding period of the previous fiscal.
On a sequential basis, the company’s net profit reduced in the fourth quarter from Rs 25.5 crore in the December quarter of 2017-18.
For the first time, the e-commerce segment has broken even. The segment made a profit before tax of Rs 1.2 crore in the fourth quarter of 2017-18, compared to a loss of Rs 4.2 crore in the same period a year ago.
The firm’s EBITDA [earnings before interest, taxation, depreciation and amortisation] for the fourth quarter of 2017-18 grew 91% to Rs 45.2 crore compared to Rs 23.6 crore in Q4 of 2016-17.
For the full financial year ended March 2018, Infibeam’s consolidated total income stood at Rs 870.6 crore, nearly double the Rs 457.7 crore it recorded for 2016-17.
The jump could be attributed to income from CCAvenue. Infibeam had acquired the Indian payments solutions platform last year for around Rs 2,000 crore.
Earlier this month, Ahmedabad-based Infibeam acquired 100% stake in Vavian International, a digital payments processing company which has operations in the Middle East.
The deal was valued at around AED 4.32 million (Rs 8 crore or $1.17 million).
The deal marks Infibeam’s second acquisition this month. Earlier, it had announced the acquisition of Unicommerce, the technology solutions arm of fellow e-tailer Snapdeal.
Apart from horizontal e-commerce platform Infibeam, Infibeam Incorporation is also the parent of e-commerce enabler BuildaBazaar.