Infibeam Avenues Ltd's Q1FY19 standalone net loss widens to Rs13.88cr qoq

The company’s standalone revenue stood at Rs91.34 cr, up 5.74% qoq and 26.63% yoy.

Aug 16, 2018 03:08 IST India Infoline Research Team

Infibeam Avenues Ltd Q1FY19

Standalone Results Q1FY19: (Rs in cr)

Q1FY19 QoQ (%)
Revenue 91.34 5.7
EBITDA -2.91 -
EBITDA Margin (%) -3.2 -
Net Loss (adjusted) 13.88 -
***EBITDA margin change is bps
Infibeam Avenues Ltd's standalone revenue for Q1FY19 came in at Rs91.34cr, up by 26.6% yoy and  5.7% qoq. The company reported a standalone EBITDA loss for the quarter of Rs2.91cr vs. an EBITDA profit of Rs14.87cr in Q1FY18 and Rs13.14cr in Q4FY18. The standalone net loss for Q1FY19 stood at Rs13.88cr vs. net profit of Rs12.72cr in Q1FY18 and net loss of Rs2.2cr in Q4FY18.

• The company continued to generate higher transaction volume leading to report a sustained revenue performance in Q1FY19 on account of growth in Web-Services, which includes the core e-commerce and payments solutions businesses.
• Infibeam Avenues reported a standalone EBITDA loss and net loss on account of onetime charge of impairment on investments, provisions, and zero merchant charges on debit card transactions up to Rs2,000 per government mandate where reimbursement amount is not confirmed.
• During the quarter, the company completed major acquisition of digital payment processing company Vavian International Limited through Dubai based subsidiary in Middle East market with annually processing volume run-rate of AED1bn and more than one million transactions.
• The company is also in the process of completing another major acquisition of India based, Unicommerce eSolutions Private Limited from Jasper Infotech Private limited (“Snapdeal”) which provides warehouse and logistics solution to over 10,000+ merchants.
• The company mentioned that it would not prepare consolidated financial statements considering the large scale of recently acquired business and would submit standalone results for the first three quarters of FY19. The company would submit consolidated financial statement in Q4FY19.
• The company stated that the revenues from subsidiaries (other than Vavian International Limited) increased to Rs139.03cr, an increase of 24% yoy. The EBITDA of subsidiaries (other than Vavian International Limited) increased by 143.3% to Rs43.82cr yoy due to growth in web services and value-added services from domestic and international markets.

Technical View:

Infibeam Avenues Ltd ended at Rs. 198.70, up by 2.65 points or 1.35% from its previous closing of Rs. 196.05 on the BSE.
The scrip opened at Rs. 196.90 and touched a high and low of Rs. 199 and Rs. 196.30 respectively. A total of 46,99,987 (NSE+BSE) shares were traded on the counter. The stock traded below its 100 DMA.

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