Infibeam Avenues profit up 15.7% at Rs 41.4 cr on strong festive season

Payments infrastructure company Infibeam Avenues posted a profit of Rs 41.4 crore in the third quarter of financial year 2024 (Q3 FY24), a 15.7 per cent increase from Rs 35.8 crore in Q3 FY23.

On a sequential basis, the company’s profits rose from Rs 40.9 crore in Q2 FY24.

The company attributed the growth in its profits to the festive season and the increasing adoption of its CCAvenue payment solution by merchants.

“The third quarter, being a festive period, witnessed a surge in financial transactions. The increased transactions (TPV) were predominantly driven by growth in the hospitality, travel, telecom, airline travel, and hotel sectors,” the company said in a statement.