New Delhi, May 9 (PTI) Infibeam Avenues on Monday reported an 11 per cent drop year-on-year in its consolidated net profit to Rs 28 crore for the fourth quarter ended March 2022.

However, the company's gross revenue rose 84 per cent year-on-year to Rs 369 crore in the just-ended quarter.

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On a sequential basis, the consolidated net profit was 17 per cent higher over the December 2021 quarter.

"Infibeam Avenues Ltd has built its digital infrastructure, and currently, the company is comfortably poised to capitalise on its digital infrastructure – Payment, Platform and Finance," Infibeam Avenues said in a statement.

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For the full FY22, the profit after tax stood at Rs 84 crore, up 19 per cent over the previous fiscal.

The gross revenue zoomed 91 per cent for FY22 to Rs 1,293 crore.

Elaborating on the fourth quarter highlights, the company said gross revenue was up 84 per cent year-on-year "on account of strong growth across payments and platform businesses, in India and internationally".

Vishal Mehta, the company's managing director, said: "Past investment in developing digital payment infrastructure has started fructifying and delivering growth for Infibeam Avenues Ltd after pandemic triggered digitalisation of the economies".

On the business outlook for FY23, the company has pegged the "EBITDA (earnings before interest, taxes, depreciation, and amortisation) in the range of Rs 170-190 crore and PAT (Profit after Tax) in the range of Rs 110-120 crore".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)