Infibeam Avenues Achieves Strong YoY Revenues Growth of 83% to INR 1,348 Mn in Q2 FY19
Deepthi | Myequity news | Date : 14-11-2018 20:10:00 IST
Infibeam Avenues Ltd., India’s leading e-commerce and payment solutions provider to businesses and the government, reported its financial performance for the quarter ended 30th September, 2018. The Company continued to generate higher transaction volume leading to report a strong revenue performance in Q2 FY19 on account of growth in Web- services, which includes core E- Commerce and Payment Solutions.
Standalone revenue comprising our e-commerce and payment solutions grew 83% YoY. Majority of the revenue is India based with larger contribution from payment solutions. Transaction based revenues contributes significantly to standalone revenues. EBITDA for the quarter ending September 2018 was INR 131.40 Mn compared to INR 2.4 Mn in Q1 FY19.
The Company has demonstrated strong and broad-based revenue growth across Web- Services, which includes the core E-Commerce and Payment Solutions businesses. The Company has recorded higher transaction volume of INR 130.10 billion (INR 13,010 crore) leading to strong revenue in Q2 FY19. Transaction value in H1 FY19, INR 232.55 billion (INR 23,255 crore), has surpassed transaction value processed in the whole of FY18. The Company is on an annual run rate of INR 50,000 crore in FY19. The synergies across various Web Services will help the Company realize stable and consistent growth by enabling traditional retailers digitize their store-based operations, payment solutions and integrate our logistics solutions as well.
The digital transformation (offline to online) across all industry verticals has led businesses to accelerate investments by companies in digital technology to expand their business in domestic and international markets. Infibeam Avenues aims to leverage its capabilities in Web Services to offer digital solutions to businesses and government to help them achieve accelerated growth and also achieve growth as its customers grow.
The key growth driver for our e-commerce solutions business is the growth of the e- commerce industry; businesses adopting digital solutions across various industry verticals, including internationally. During the quarter, the Company continued to successfully scale up and deliver on Government of India’s e-procurement portal, Government e-Marketplace (“GeM”). Amul, the largest co-operative dairy product company, recorded significant growth in volumes and overall transaction value. Infibeam manages the complete online sales with order fulfilment. The Company successfully commissioned and operates the online store for Adani’s Fortune brand which has also seen rise in volumes. Recently, the Company executed an agreement with Sintex BAPL Ltd, wholly-owned subsidiary of Sintex Plastics Technology, to offer them our Web Services solutions with integrated logistics framework.
Commenting on the Q2 performance, MD, Mr. Vishal Mehta
said: “We achieved the highest ever Transaction Volume of INR 13,100 Crore IN FY19 and continue to make great progress in our web services business which shows promising growth. We are focused in driving execution across business verticals with our industry leading web services solutions. We expect that with additions of merchants, tighter integration of our web services business, and with Diwali festival in current quarter (Q3FY19), we will continue building up on the transaction processing volumes and growth”