Infibeam Avenues Limited, the parent company running e-commerce marketplace infibeam.com among other software businesses, reported its earnings for Q3 2020. The company reported a decrease in both revenues as well as profits.
On standalone basis, Infibeam reported revenues of ₹142.6 crore, which marks a 6% decrease when compared with the same quarter last year. And while company’s standalone profits for Q3 2020 rose by 13% to ₹11.2 crore QoQ, consolidated profits declined to ₹26 crore, compared with ₹30.9 crore that it had reported previous year.
The numbers however, are also affected by the company’s decision to divest its non-core businesses and focus towards core, revenue generating ones. In the last fiscal year, the Company decided to focus on the core businesses of digital payments and enterprise software platforms. In sync with this strategy, Company divested its non-core businesses i.e. online e-commerce market place, and technology platform solutions for small & medium enterprises. However, the Company continues to offer technology platforms to large enterprise clients and governments.
The revenues in prior quarter ending December 31, 2018 and year ended March 31, 2019 include the revenue of non-core businesses as mentioned above which is not reflected in current quarter ending December 31, 2019.
Talking about his company’s performance, Managing director Vishal Mehta said, “We will continue to invest and build cutting edge technology and innovate in digital software and payments that will improve the way merchants and customers trade and transact through digitization and democratization of Commerce.”
