Infibeam Avenues Q1 Results Review - Robust Net Take Rates; FY25 Guidance Retained: Dolat Capital

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Infibeam Avenues Ltd. posted revenue growth of 3.6% QoQ (our estimate 5% organic). Payments Biz grew 5.2% QoQ, while Platforms Biz. down 15.9% QoQ. Total Payment Volume was at Rs 719 billion, down 5.2% QoQ and Credit Card mix lowered to 46% (Q4: 50%). Operating profit margin was up 17 bps QoQ at 6.8% (our estimate 5.5%) led by better Net Take Rates, which stood at 11.2 bps (Q4: 9.2 bps).For FY25, the company retained its guidance for sales of ~Rs.39-42 billion (implies 23-32% growth), Ebitda of ~Rs 2.75-Rs 3 billion (9-19% growth) and profit after tax of ~Rs 1.75-2 billion (12%-28%).Infibeam remains bullish on the growth of payments biz. (India and International) and its profitability. We raise earnings by 12.5%/5% for FY25/FY26E and expect the company to benefit from growing trend of online credit card spends and tech spends by Indian banks. Maintain ‘Accumulate’ rating with a discounted cash flow based target price of Rs 37 (implies enterprise /Ebitda of 24 times and PER of 47 times on FY26E)..Click on the attachment to read the full report:.Gold Upside Likely On Yen's Carry Trade, Fall In US Bond Yields.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Infibeam Avenues Q1 Results Review - Robust Net Take Rates; FY25 Guidance Retained: Dolat Capital

The brokerage expects a robust, payments-led growth in Q2, while platforms business will see a moderation.

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Infibeam Avenues Q1 Results Review - Robust Net Take Rates; FY25 Guidance Retained: Dolat Capital

The brokerage expects a robust, payments-led growth in Q2, while platforms business will see a moderation.

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