Infibeam Avenues Ltd. share price target

Infibeam Avenues Q3FY25 PAT exceeded our expectations, despite a miss on revenue. Gross revenue stood at INR 10,704 Mn, increased by 18.0% YoY (+5.3% QoQ). EBIT stood at INR 593 Mn, up 19.6% YoY (-3.2% QoQ). EBIT Margin declined to 5.5% in Q3FY25 (7bps YoY/-49bps QoQ) on account of increased employee expense and depreciation.

Infibeam Avenues Q2FY25 reported better than anticipated earnings. Gross revenue stood at INR 10,167 Mn, increased by 29.2% YoY (+36.5% QoQ), primarily driven by robust growth in the payment business.

Infibeam Avenues reported mixed results, with profits beating our estimates despite being a miss on the top line.
Gross revenue stood at INR 7,528 Mn, increased by 1.4% YoY (+3.6% QoQ), missing our estimates due to lower revenue from payment and E-commerce business.

Infibeam Avenues reported mixed results with profits beating our estimates despite being a miss on the top line.
Revenue increased 11.4% YoY to INR 7,269 Mn due to strong growth in Transaction Processing Value (TPV) to INR 2,266 Bn in Q4FY24 (+53.0% YoY) followed by an improvement in Net Take Rate (NTR) to 9.2 bps from 9.0 bps.

In Q3FY24, Infibeam posted a 119.9 Y-o-Y (+15.4% Q-o-Q) rise in gross revenue to Rs. 9,120 Mn driven by 74.7% Y-o-Y (+1.4% Q-o-Q) rise in Total Processed Value (TPV) to Rs. 1,810 Bn and a 49.1% Y-o-Y (+7.6% Q-o-Q) rise in Gross Take Rate (GTR) from payments business (including CC Avenue domestic and International payments and UPI and Bill Avenue businesses) to 103 bps; partially offset by 44.4% Y-o-Y (+10.7% Q-o-Q) decline in GTRs from platform (GeM related
Gross Merchandise Value - GMV) business. Blended GTR stood at 97 bps, up 54.0% Y-o-Y (+8.2% Q-o-Q) though.

Gross revenue showed impressive growth, reaching INR 6,527 mn, which is a 76.6% increase YoY and a 57.4% increase QoQ. This growth was primarily driven by outstanding performance in both the digital payments and software platforms business.

Revenue grew by 4.5% YoY and declined by 13.0% QoQ to INR 4,147mn in Q3FY23. The drop in revenue was mainly attributable to a shift in the transaction mix towards non-credit transactions, compared to credit transactions during the quarter. However, this resulted in an increase in NTR by 340 bps YoY/100 bps QoQ to 8.9 bps.

For Q2FY23, on a consolidated basis, revenue grew by 53.3% YoY (+13.9% QoQ) to INR 4,767Mn. The robust YoY growth in revenue was led by a sharp jump in transaction processed value (TPV) and Net Take Rates (NTR).

The company’s consolidated revenue increased 93.3% YoY (+13.2% QoQ) to INR 4.18 bn in Q1FY23. This has been driven by a strong rise in TPVs, which grew at 72.2% YoY (+2.0% QoQ) to INR 872.18 bn in Q1FY23 and 27.8% YoY (+3.0% QoQ) rise in Net Take Rate (NTR) to 6.90 paise in Q1FY23.

On standalone basis, for Q2FY21, revenue came to be INR 1,305 mn down 13.9% YoY (up 51.1% QoQ) and standalone PAT also declined 49.9% YoY (up 57.2% QoQ) to INR 50 mn. For Q2FY21 on consolidated basis, Revenue declined 8.6% YoY (up 49.9% QoQ) to INR 1,539 mn. EBITDA declined 13.9% YoY (up 11.7% QoQ) to INR 346 mn. EBITDA margin contracted 138 bps YoY / 769 bps QoQ to 22.5%. Operating margin contracted 493 bps YoY / 115 bps QoQ to 6.1% in Q2FY21....

CCAvenues registered a growth of 128% YoY in payment processing to INR 102.45bn. Total number of transactions processed volume stands at 27mn translating into ticket value of INR 3,795/transaction. Adjusting the exception items to the tune of INR 75mn, EBITDA for the qtr remained at INR 45.9mn (-78% QoQ, -69% YoY). Adjusted OPM for the qtr stands at ~5%, which was dropped by 1557bps YoY. The drop is largely attributable to management's strong focus of improving the transaction size resulting into higher payment processing charges along with delay in recovering MDR charges for transactions below INR 2000 had impacted financial performance during the qtr. Adjusting exceptional item to the tune of INR 107mn (INR 32mn impairment on investments, INR 50mn stamp duty impairment, INR 25mn MDR...

Unicommerce is an e-commerce enabler and provides a range of cloud-based solutions for managing the supply chain process: Multichannel Order & Inventory Management, Omnichannel Retailing and Warehouse & Logistics Management. The company is running a SaaS (Software-as-a-Service) model to deliver software solutions across the large merchant base (10,000+) which includes leading brands such as Amazon, Myntra, Jabong and Flipkart. The acquisition would strengthen the Infibeam's ecosystem to deliver software solution right from building up unique e-marketplace (BaB) to...

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....

various digital solutions and other valueadded services to merchants to setup online storefronts. UnlikeothertraditionalIndianecommercecompanies,itsfocushasbeentoscaleupitsBaBoperations whereitsprofitability(EBITmarginsof58%)ismuchhighervs.itsetailoperations(10%).Whilewe...

Infibeam Incorporation Ltd was incorporated on June 30, 2010 at Ahmedabad Gujarat. It is in the business of e-commerce and owns and operates two websites the Infibeam Build Bazaar (BaB) e-commerce market place, which provides cloud based, modular and customizable digital solutions to enable merchants to set up online storefronts &...

Infibeam Incorporation Ltd (Infibeam) is an e-commerce company focused on developing integrated and synergistic e-commerce business models. Its operations can be broadly categorized as BuildaBazaar (BaB) e-commerce marketplace and E-retail website Infibeam.com. BaB provides cloud-based, modular and customizable digital solutions and other..