Infibeam shares extend gain after bonus share announcement

infibeam

Infibeam shares were up 2% at ?93.65 today, following a nearly 10% surge in the previous session. Financial technology solutions provider Infibeam Avenues on Thursday had announced an 1:1 bonus share issue. The company will issue of one bonus share for every one equity share held.

Infibeam also reported a 27% year-on-year rise in consolidated net profit at ?14.99 crore for the three months ended December 2020. Its consolidated income from operations grew 47 per cent to ?227.8 crore in the quarter under review from ?155.4 crore in the year-ago period.

On a sequential basis, net profit (excluding share of associates) was higher by 95% from about ?7.67 crore in the September 2020 quarter while revenue was up about 53 per cent from ?148.7 crore.

“We had the best quarter ever with 53 per cent revenue growth, quarter on quarter, and 47 per cent compared to same quarter last year. Performance was strong across both our business segments ie Digital Payments and Enterprise Software Platforms, on the back of robust growth in operating metrics,” Infibeam Avenues Managing Director Vishal Mehta said.

Hiren Padhya, Chief Financial Officer of Infibeam Avenues, said the company continues to maintain and accelerate its Enterprise Digital Payment and Platform businesses growth both in domestic and international markets.

“During the quarter, the company has registered all round performance across its digital offerings,” Padhya said.

The bonus issue of equity shares is subject to the approval of the shareholders and other applicable statutory and regulatory approvals, as may be required, it said.

Infibeam said strong merchant registration continued in Q3, 20% above Q2 daily average and activated record number of merchants. “Q3 marked the highest amount of payment processing ever achieved by the company. We processed payments worth Rs.27, 916 crores; an average of over Rs. 9,200 crore monthly compared to Q2 daily average of Rs. 8000 crores.”

Infibeam said it continued to see strong merchant registration in the third quarter (20 per cent above the daily average in the September quarter) and activated record number of merchants.

“Q3 marked the highest amount of payment processing ever achieved by the company. We processed payments worth ?27,916 crore; an average of over ?9,200 crore monthly compared to Q2 daily average of ?8000 crores. This corresponds to 23 per cent jump quarter-on-quarter and 76 per cent jump year-on-year,” it said.

The company exited December month at a rolling annual run-rate of about USD 15 billion.

The December quarter, which includes festive season (Dusshera-Diwali) and holiday season (Christmas), contributed to sharp increase in payment processing. PTI SR ABM ABM

News Source:- Livemint

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