Internet and E-commerce conglomerate, Infibeam Avenues has announced a net profit of INR 26.6 crore for the quarter ended December 2018 against a mere INR 1.9 crore net profit in the year-ago period.
The consolidated revenue of the company also witnessed more than a two-fold hike touching INR 150.3 crore in the quarter as compared to INR 73.6 crore in the October-December timeframe.
“Our strong performance for the quarter was a result of strong traction in the payments business, GeM contribution, and the synergies being realised across our cloud platforms,” said Vishal Mehta, Managing Director, Infibeam Avenues.
The company also claims that its set to touch the benchmark of processing payments worth INR 50,000 crore by the year-end.
“This is an important milestone for us as we enter FY20 with a strong focus on digital payments in India. Our strategic investments to expand our footprint and divestments of non-core business will go a long way in providing higher returns to our shareholders,” added Mehta.
