Infibeam Avenues Q3 Results Review - To Benefit From Improved NTRs In India Payments Business: KRChoksey

KRChoksey Report

In Q3 FY24, Infibeam Avenues Ltd.'s posted a 119.9 YoY (plus 15.4% QoQ) rise in consolidated gross revenue to Rs 9,120 million driven by 74.7% YoY (+1.4% QoQ) rise in total processed to Rs 1,810 billion and a 49.1% YoY (+7.6% Q-o-Q) rise in gross take rate from payments business to 103 bps; partially offset by 44.4% YoY (+10.7% QoQ) decline in GTRs from platform (GeM related Gross Merchandise Value) business.

With slower decline in payments NTRs (including international payments businesses), reported Ebitda margins rose by 370 bps YoY (-344 bps QoQ) to 59.9% in Q3 FY24 while Ebitda increased by 42.1% YoY (-3.8% QoQ) to Rs 676 million in Q3 FY24.

Consequently, with increased depreciation, finance costs and decline in other income as well as increased taxes, Infibeam’s consolidated net income rose only at 15.3% YoY (+0.8% QoQ) to Rs 408 million in Q3 FY24 though.

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