Infibeam Avenues Ltd. Announces Financial Results for Q2 FY24

GANDHINAGAR, NOVEMBER 6, 2023 (NHM):– India’s first listed software platforms and payments infrastructure company, Infibeam Avenues Limited (“Infibeam” or “The Company” or “IAL”), (BSE: 539807; NSE: INFIBEAM), has today announced its financial results for the second quarter ending September 30, 2023.

Consolidated Financial Highlights (INR million)

Particulars	Q2 FY24	Q2 FY23	Y-o-Y
TPV1	1,785,235	10,00,003	79%
Gross Revenue	7,899	4,767	66%
Net Revenue 2	1,108	787	41%
EBITDA3	678	400	70%
EBITDA margin 3 4	61%	51%	–
Profit After Tax (PAT) 3	383	132	191%
PAT  margin 3 4	35%	17%	–

1 Includes i) Payments TPV [CCAvenue India and International + BillAvenue + Go Payments] + ii) GeM platform TPV.

2 Net Revenue = Gross Revenue – Direct Operating Expenses (predominantly payment processing revenue collected on behalf of ecosystem partners)

3 Adjusted for excluding the notional impact arising from mark-to-market gain / (loss) from investment in listed security [this has no impact on cash flows]

4 as percentage of Net Revenue

Consolidated Financial Performance Review:

The rise in total TPV can be attributed to both a rise in payments as well as platforms TPV. While payments TPV rose 28% YoY to INR 769 billion, the Company’s largest software platform implementation customer recorded a growth in TPV by 155% to INR 1+ trillion in a single quarter.

Higher growth in Gross Revenue was led by 28% growth in TPV and increase in gross take rate by 36% to 112 basis points. A high contribution (51%) from credit payment options led to an increase in the gross take rates in the payments business.

A total of 0.6 million merchants were added in 1H FY24, of which 0.27 million merchants were added in 2Q FY24, an average addition of 2,900 merchants daily in the domestic payment aggregation business, also recognized by the brand name, CCAvenue.

The company’s payment net take rates experienced a significant increase in Q2 FY24, up 25% YoY to 9.3 basis points (bps), primarily due to a substantial influx of small merchants who, in turn, made the most substantial contribution to the surge in Infibeam Avenues Ltd’s payment business net take rates. Payment net take rate is now inching closer to the targeted double-digit take rate by the end of FY24.

For the first time, the company recorded a net revenue more than INR 1 billion, due to improvement in net margins which in turn led to strong operating performance. Both EBITDA and Profit after Tax, grew sharply, by 70% and 191%, respectively. Also, EBITDA and PAT margins improved sharply.

“In Q2 FY23-24, we witnessed an unprecedented onboarding of merchants, primarily small businesses. This influx has resulted in a higher take rate,” stated Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.

The company attributes the sustained increase in merchant onboarding to the “trust” factor as merchants and banking partners believe in our strong compliance and robust payment technology platform. This has also led to strong brand recognition among small merchants.

Concurrently, the company also observed a rise in the downloads of CCAvenue TapPay, which is now over 400,000. This innovative payment software, available for download on the Google Play Store, can transform any NFC-enabled mobile device into an easy-to-use point-of-sale (POS) machine, allowing for straightforward card payments with a simple tap, as well as QR code payment options.

Mr. Vishal Mehta, Chairman & Managing Director (CMD) of Infibeam Avenues Ltd, commenting on the company’s performance, stated, “Our payments and platform business is now firmly established and has become the growth engine for the company. In the years to come, it will continue to be the driving force behind our success. This quarter, we have experienced remarkable growth, as we continue to invest in innovative and robust solutions.”

The company’s growth remains in line with the financial guidance issued for FY23-24 during the first quarter of this year. The company’s CMD expressed optimism about achieving better business growth in the upcoming Q3 results, on account of festive and travel season, typically a strong quarter for the company.

“In addition to our exceptional performance in the domestic market, our payment business, CCAvenue, is experiencing significant growth in the international market, particularly in the UAE. In August, we achieved a historic milestone by recording a monthly transaction volume of AED 1 billion in the UAE,” stated Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.

Other key updates:

• Company forays into offline payments in UAE by offering QR code for payments at merchant outlets; onboarded multiple merchants in last few months including renowned establishments in Dubai like Prime Association Management, a renowned homeowners’ association, and the esteemed Jaffer Bhai’s The Biryani King of Bombay, which operates in Dubai. This will be followed by the launch of TapPay (mobile SoftPoS) in UAE before the end of FY24.

• Payments TPV in UAE crossed AED 1 billion in August 2023, achieving a historic milestone (currently TPV consistently >AED 1 billion). Since 2018, company has processed 23.5 million transactions worth over AED 24.5 billion.

• Company made capex of INR 1.2 billion in 1H FY24 in international markets, towards its country-in-a-box strategy. Investments were largely towards data localization, security & IP rights funded from internal accruals.

• Vybe Ventures, owned by Mr Vishwas Patel (JMD at Infibeam Avenues) & his family, in October 2023, converted all the warrants to equity, totaling 95 million.

• Company aspires to emerge as a key player in the Artificial Intelligence (AI) -based fraud detection and prevention market. It has made an investment of INR 1 billion by acquiring a new building, securing a plot area spanning about 76,250 square feet, along with a partially constructed building covering an area of 420,000 square feet. The new campus in Ahmedabad will be an extension to Infibeam Avenues Ltd’s GIFT City AI-Hub. Currently, funded through internal accruals.

• Infibeam Avenues Ltd was bestowed with the honour of Fortune India ‘The Next 500 Award’, acknowledging its status as one of India’s top emerging companies in the IT and Fintech sector.

Experience the Bollywood Magic LIVE with Shahid Kapoor, Nora Fatehi, Malaika Arora, and Sunil Grover at 'SRARDOM' Concert!

MUMBAI,  5^th NOVEMBER 2023 (NHM):  Mumbaikars are all set to witness the first of its kind LIVE Bollywood show slated to be hosted on 20th January 2024. Talented artists across Bollywood, Music, Comedian will come together with their power packed performances at this spectacular event. ‘Stardom’, presented by Outcry Entertainment is set to redefine entertainment with an unparalleled line-up of curated dance and music acts by prominent Bollywood personalities, Shahid Kapoor, Nora Fatehi, Malaika Arora, and Comedian Sunil Grover. The evening will feature a star-studded line-up like never before!

What to expect:

• Power-Packed Dance Performances: Shahid Kapoor, Nora Fatehi, and Malaika Arora will set the stage on fire with their larger-than-life dance acts.

• Hilarious Comedy Acts: Get ready for a laughter riot as Sunil Grover takes on multiple characters in his side-splitting comedy acts.

• Non-Stop Entertainment: With 4 hours of non-stop entertainment, Stardom guarantees an evening packed with excitement and unforgettable moments.

• Grand Entries: Experience the grand entries of your favorite stars, adding to the overall glitz and glamour of the event.

•  Professionally Choreographed Acts: Witness professionally choreographed acts with an ensemble of talented dancers that will leave you mesmerized.

•  Ultimate Showdown Finale Act: Stardom concludes with a spectacular finale act that promises to be the ultimate showdown, leaving the audience breathless.

Moreover, the event will also witness high energy musical performances by the well-known music artists.

The event will also offer multiple bars and a food court to cater to all needs.

Commenting on the concert, Saurabh Chaudhary, Director and Founder, Outcry Entertainment said, "Stardom is an exceptional live Bollywood entertainment event concept that will debut with its first event in Mumbai. This event will create a one-of-a-kind experience, providing a space for the audience to come together and celebrate with their favorite artists while experiencing them perform live. With Stardom, we aim to set new standards in the world of entertainment by bringing together the most acclaimed Bollywood artists on a single platform."

Actor Shahid Kapoor enthusiastically expresses, "It's always exciting to do live stage shows because you get to interact with the live audience, which is my favorite part. I'm extremely excited to be dancing in Mumbai, which is my hometown, and performing live for the Mumbai audience. I can't wait to get on stage and give them an amazing night.”

Actor Malaika Arora says, “I have been performing live since many years now. Stage performance is something that instantly connects me to the audience, and I am happy when I do it. Waiting to share Bollywood magic right to you. It's time to celebrate the sheer joy of Bollywood with an unforgettable show!" 

Actor Nora Fatehi mentions, "I am excited to be a part of Stardom. Live performances are something that I thoroughly enjoy as an artist. That's where the magic of storytelling truly comes alive, where we connect, inspire, and share our souls with the audience that's right there, in the moment with us. It's time to rejoice again with a mesmerizing show.”

Comedian and Actor Sunil Grover says, “I feel comedy is all about right timing at the right time. Performing LIVE on stage has always been special to me. The instant feedback from the audience is a game-changer, and it helps refining my act. Glad to be a part of Stardom, where I will be showcasing few of my favourite acts for the crowd.”

Don't miss your chance to be a part of the most electrifying Bollywood live event in Mumbai. Stardom is where the magic happens, where Bollywood comes alive, and where you'll create memories that last a lifetime.

For ticket information and details, visit https://in.bookmyshow.com/mumbai/events/stardom-biggest-bollywood-live-experience/ET00370038 ENDS

 

 

 

 

Bank of Baroda Q2FY24 net profit up 28% to Rs 4,253 cr

Debadatta Chand,  Managing Director and Chief Executive Officer (CEO), BoB

MUMBAI, 4th NOVEMBER, 2023 (NHM):  State-run lender Bank of Baroda (BoB) recorded a 28.4% increase in net profit in the second quarter of the FY24 at Rs 4,253 crore, compared to the same period last year.During the quarter under review, the net interest income (NII) also saw growth, rising by 6.5% to Rs 10,831 crore, up from Rs 10,174 crore in the corresponding period of the previous year.

However, the bank's net interest margin (NIM) decreased to 3.07% in Q2 FY24, down from 3.33% in Q2 FY23.The bank adjusted its NIM guidance for FY24 to 3.15% (with a possible fluctuation of five basis points) from the previous estimate of 3.3%.

This revision was attributed to changes in cost factors, specifically an increase in the cost of funds, as explained by Debadatta Chand, the managing director and chief executive officer, BoB during a media briefing following the Q2 FY24 results.

The non-interest income, which encompasses fees, commissions, treasury income, and recoveries, surged to Rs 4,171 crore in Q2 FY24, compared to Rs 1,826 crore in the previous year.

BoB's provisions for non-performing assets (NPAs) and bad debt rose to Rs 2,285 crore in Q2, up from Rs 1,654 crore in the same period last year.

The bank's advances showed a year-on-year growth of 17.3%, reaching Rs 10.24 trillion in Q2 FY24.

In the same period, its retail loans expanded by 22.2% to Rs 1.93 trillion.

Within the retail book, the personal loan portfolio experienced a significant growth of 67.2% year-on-year, amounting to Rs 25,618 crore.

Debadatta Chand emphasised that although there have been concerns in the system about the growth of unsecured loans, BoB's portfolio of personal loans remains stable with minimal stress.

However, as a precautionary measure, the bank plans to conduct a portfolio review and slightly reduce the pace of loan growth in the personal loans segment to around 30%.

The total deposits increased by 14.6% year-on-year, reaching Rs 12.49 trillion. At the end of September, the share of low-cost deposits (current account and savings account, or Casa) was 38.28%, slightly down from 39.57% the previous year.

The asset quality profile improved, with gross NPAs decreasing to 3.32% in September from 5.31% a year ago. One airline exposure (Go First) was identified as a non-performing asset (NPA) and a 100% provision was made for it. This account was already under stress and turned into an NPA in Q2.

Net NPAs decreased from 1.16% in September 2022 to 0.76% in September 2023.

The provision coverage ratio also improved, rising to 93.16% in September from 91.73% a year ago.Ends

Paytm brings exciting travel discount, free cancellation, 100% refund policy and more for your train and bus ticket during Diwali

MUMBAI, 4th NOVEMBER, 2023 (NHM): As the festive holiday of Diwali approaches, there is a growing excitement to celebrate it with family and friends travelling to their hometown or exploring a new city creating lasting memories. This Leisure travel during Diwali is now possible with affordable travel deals on online bookings of train and bus. Paytm has exciting offers and services for a unique trip experience that can be arranged in minutes. The platform is a one-stop solution that gives you the privilege to plan an affordable trip on your own with an enhanced travel booking journey.

Here’s how you can plan your travel with Paytm in a budget friendly way. 

Up to ₹500 off on bus tickets

To enjoy your festive holidays at an affordable cost, Paytm is offering up to ₹500 off on bus ticket booking through its platform.  

Live bus tracking services 

For safe and hassle free travel, Paytm is offering a live bus tracking service that ensures users can travel at ease and stress free while also sharing the real time location of their booked bus with their close.  Also, with Paytm’s Best Price Guaranteed feature, Paytm assures users of the lowest price across 2,500 bus operators. 

Free train ticket cancellation and instant refund 

Through Paytm platform, users can now cancel their train ticket, six hours before their departure or chart preparation whichever is earlier, hassle free and also get an instant full refund on their source account without having to state the reason for the cancellation. Most important thing is that users don’t have to wait for days to receive their refund. The feature is available for all types of train ticket bookings including tatkal tickets. 

Zero charges on train ticket 

On train ticket bookings, users can book tickets on UPI with an advantage of zero service & payment gateway charges. This leverages users from paying additional charges and saves money.  

Live train status 

Passengers can also check the live train running status and PNR status on the Paytm app which enables them to travel at ease and stress free. 

Paytm is also the authorised partner of Indian Railway Catering and Tourism Corporation (IRCTC) and has empowered its users with a seamless and superfast train ticket booking experience. Booking travel tickets through Paytm app provides a seamless experience with free cancellation, 100% refunds, travel insurance, easy & quick booking, exciting cashback and 24/7 customer assistance.Ends

Kokilaben Hospital’s CSR Initiatives: Bridging Gaps in Healthcare and changing Lives

~ Shri Nitin Gadkari, Minister for Road Transport & Highways, Government of India is Guest of Honour ~  

Mumbai, November 3, 2023 (NHM): Kokilaben Dhirubhai Ambani Hospital, organised a special session on 'Thalassemia, Way Forward' today. The event underlined the organisation’s larger approach that complements technology, expertise, robust infrastructure, and strategic investments in fostering partnerships with entities contributing significantly to healthcare initiatives. Though the event categorically aimed to shed light on the progressive strides in treating Thalassemia, a genetic blood disorder, and to amplify awareness of government schemes designed to aid patients grappling with this condition. The distinguished Guest of Honour for the occasion was Shri Nitin Gadkari, Minister of Road Transport & Highways, Government of India, whose presence underscored the collaboration between the public and private sectors in advancing healthcare.

On the occasion, Ms. Tina Ambani, Chairperson, Kokilaben Dhirubhai Ambani Hospital outlined the way forward for the Thalassemia Project, and said " With ability comes responsibility, and we have made it our responsibility to ensure we do all in our power to offer every child the best treatment we can. As we expand our footprint across the region and into the hinterland, our roots in the communities we serve are going deeper. And our resolve to widen the embrace of care has become stronger. That resolve lies at the heart of ‘Every Life Matters’, which is the underlying principle behind all that we do.”

Thalassemia causes severe anaemia, fatigue, and various complications, necessitating lifelong blood transfusions and extensive medical therapy. India witnesses a high prevalence of Thalassemia, with over 10,000 children born with this condition annually.  The only treatment that can permanently cure thalassaemia is Stem Cell Transplantation, also known as Bone Marrow Transplantation. Known as an allogenic BMI, it’s a complex process and very few centres around the world have the expertise to conduct this treatment.

Shri Nitin Gadkari, Minister of Road Transport & Highways, Government of India said “Today is a day of reflection for me. The constituency I represent, as well as the northern part of Nagpur, collectively has about 80,000 thalassemia patients. Raising awareness about the risks of consanguineous marriages, especially among disadvantaged communities, is crucial. Kokilaben Dhirubhai Ambani  Hospital's initiative is a commendable step in addressing Maharashtra's Thalassemia burden. I appreciate all the stakeholders in this collaborative effort."

Kokilaben Hospital is also privileged to support the Coal India CSR-funded Hematopoietic Stem Cell Transplant (HSCT) programme and help underprivileged Thalassemia patients who do not have the financial resources to cover the cost of the program. In June this year, the hospital extended the MoU with Coal India for the third phase of their Corporate Social Responsibility (CSR) project, the Thalassemia Bal Sewa Yojana, aimed at curative treatment of Thalassemia and Aplastic Anaemia in children from an underprivileged background. This is helping to extend the reach of life-saving BMT treatments to more disadvantaged children affected by Thalassemia and Aplastic Anaemia.

Kokilaben Dhirubhai Ambani Hospital continues to remain steadfast in its commitment to spearheading initiatives that offer hope, care, and the promise of a healthier society. It has been at the forefront in supporting the underprivileged access the best of modern healthcare by supporting Corporate Social Responsibility (CSR) activities. The hospital has collaborated with Rashtriya Bal Swasthya Karyakram (RBSK) and the Government of Maharashtra, performing over 126 successful Cochlear implant surgeries for economically disadvantaged children. 

Under the ‘Healing Little Hearts’ initiative, the hospital has been instrumental in treating children from economically weaker sections suffering from congenital heart diseases. The hospital’s Clubfoot Clinic has also been pivotal in providing essential treatment, ensuring that children do not suffer from mobility issues due to clubfoot. Ends

Esaf Small Finance Bank sets IPO price band at ₹57 to ₹60 per equity share, IPO opens for subscription on November 3 and closes on November 7

MUMBAI, 2nd NOVEMBER, 2023 (NHM):  Esaf Small Finance Bank (Esaf SFB) has fixed the price band for its maiden initial public offer at ₹57 to ₹60 per equity share. The IPO opens for subscription on Friday, November 3, and closes on Tuesday, November 7. Investors can bid for a minimum of 250 equity shares, and in multiples of 250 equity shares thereafter.

The public issue of face value of ₹10 per equity share comprises fresh issuance of equity shares worth Rs 390.70 crore and an Offer-for-Sale (OFS) of up to Rs 72.30 crore, aggregating to Rs 463 crore.

The bank proposes to utilise the proceeds of the fresh issue to augment its Tier-1 capital base.

The lender’s primary products are advances and deposits (current accounts, savings accounts, term deposits, and recurring deposits). Its advances comprise micro loans (comprising microfinance loans and other micro loans), retail loans (such as gold loans, mortgages, personal loans, and vehicle loans), MSME loans, loans to financial institutions, and agricultural loans.

Esaf SFB was the fifth largest SFB in India in terms of AUM. Between March 31, 2021, and 2023, the bank had the fourth-highest deposit growth among its comparable peers and the highest AUM growth. Its assets under management (AUM) grew from ₹8,425.93 crore to ₹16,331.27 crore, with a CAGR of 39 per cent.

It reported the second highest year-on-year AUM growth for the three months ended fiscal 2024 among compared SFBs. Deposits also increased from ₹8,999.43 crore to ₹14,665.63 crore during the same period, registering a CAGR of 28 per cent, the fourth highest growth among their peers.

ICICI Securities Ltd, DAM Capital Advisors Ltd, and Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) are the book-running lead managers.

Creative Graphics Solutions files draft papers with NSE Emerge to raise funds via IPO

Deepanshu Goel, Promoter and Managing Director, Creative Graphics Solutions

MUMBAI, NOVEMBER 1^st, 2023 (NHM):  Creative Graphics Solutions, India’s leading organised and integrated packaging ecosystem player, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The issue comprises a fresh issuance of 64,00,000 equity shares with a face value of Rs. 10 per equity share, of which 3,20,000 equity shares are reserved for market maker subscriptions. The remaining 60,80,000 equity shares are the net issue to the public category, of which not less than 35% will go to retail individual investors, not less than 15% to non-institutional investors, and not less than 50% to eligible institutional buyers, including 5% of this total to mutual funds.

The company has designated Corporate Capital Ventures as Book Running Lead Manager to the Issue and Bigshare Services Private Limited as the Registrar to the Issue. Creative Graphics is from the MSMEx SME IPO Cohort program.

Creative Graphics plans to use the net proceeds to invest in its 100% subsidiary, Wahren India Private Limited, to meet inorganic growth through unidentified acquisitions for the company, to meet the working capital requirements and expenditures for “Creative Graphics” and general corporate purposes.

According to the DRHP, the company proposes to utilise Rs. 35 crore of the net proceeds for investment in Wahren India Limited to meet its working capital requirements. The investment will be made in the form of equity. The company plans to explore inorganic acquisitions for operational expansion to improve size and market position and get into new geographic areas to utilise Rs. 5 crore of net proceeds. Additionally, Creative Graphics Solution Limited intends to use the net proceeds of Rs. 3 crore to cover expected working capital needs. While it proposes to utilise up to Rs. 2 crore towards purchasing machinery for deployment at its principal production facilities in Noida, the remaining net proceeds will be used for general corporate purposes, including operating expenses, branding, promotion, advertisements, and so on.

Commenting on the company’s plans, Deepanshu Goel, Promoter and Managing Director, Creative Graphics Solutions, said, “The flourishing pharmaceuticals and FMCG sectors open a flood of opportunities for our products, and we are poised to unleash and expand our capabilities with the capital we are raising through this IPO. We plan to invest the lion’s share of these funds in our subsidiary company, Wahren India, which we have recently acquired to expand our business beyond our core focus of manufacturing flexographic printing plates. At the same time, the remaining portion will be spent on the company’s inorganic growth and working capital requirements. We are expanding our realm and, more importantly, tapping a high revenue.”

Creative Graphics has clocked a total revenue of Rs. 91.78 crore in FY23 compared to Rs. 65.68 crore in FY22. The company has posted a revenue of Rs. 48.45 crore during the first half of FY24 ending September 2023. The company’s profit after tax was Rs. 8.64 crore in FY23, up from Rs. 4.65 crore in FY22, registering an impressive Y-o-Y growth in profit.

The Noida-headquartered company specialises in manufacturing flexographic printing plates, including Digital Flexo Plates, Conventional Flexo Printing Plates, Letter Press Plates, Metal Back Plates, and Coating Plates. It serves its customer base in India, Thailand, Qatar, Kuwait, Nepal and Africa. It operates seven manufacturing facilities in different states, i.e., Noida (Uttar Pradesh), Vasai, Pune (Maharashtra), Chennai (Tamil Nadu), Baddi (Himachal Pradesh), Hyderabad (Telangana) and Ahmedabad (Gujarat).

Founded by Deepanshu Goel, a first-generation entrepreneur and incorporated in 2014, Creative Graphics has expanded its business through its wholly owned subsidiaries – Creative Graphics Premedia Private Limited (CG Premedia) and Wahren India Private Limited. While CG Premedia offers end-to-end premedia services, from design adaptation to print production, Wahren India supplies high-quality packaging solutions for the pharmaceutical industry. It produces Alu-Alu Foil, Blister Foil, Tropical Alu-Alu Foil, CR Foil, and Pharmaceutical Sachet.

For more information, please visit: https://creativegraphics.group/