Infibeam reported revenue of INR 1846.8 Mn in Q1 FY18, up 79.1% yoy and above our estimate of INR 1,300 Mn. The significant increase in revenues was primarily due to merger of CCAvenue, and integration of DRC Systems with Infibeam Web Service (IWS). Services revenue was robust and stood at INR 1,121.2 Mn, up 108.1% qoq and recorded a PBT margin of 33%. Product revenue stood at INR 725.4 Mn, up 8.3% qoq, indicating a strong revival due to increase in consumer spending after demonetization. EBITDA stood at INR 328.7 Mn, up 63.5% qoq, which is improved on the back of lower opex and higher realization in IWS. The company reported an EBITDA margin of 17.8% in Q1 FY18, a huge improvement compared to 12.3% in Q1 FY17....