Infibeam Avenues Thursday said its net profit grew manifold close to $4 million (Rs 26.6 crore) during the December 2018 quarter from the year-ago period.
The net profit stood at Rs 1.9 crore in the October-December 2017 period, Infibeam said in a statement.
The company’s total revenue more than doubled to Rs 150.3 crore in the quarter, compared with Rs 73.6 crore in the October-December 2017 period, it added.
“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,” Infibeam Avenues Managing Director Vishal Mehta said.
He added that the company is already on track to process payments worth Rs 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,” he said.