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Indian internet and e-commerce conglomerate Infibeam Avenues reported a net standalone loss of Rs. 13.88 for the June-end quarter period of the current fiscal year. The company had earlier registered a net profit of Rs. 12.72 crores during the previous year corresponding quarter.
The Ahmedabad based software solutions firm reported a 27% jump in total standalone revenue from operations to Rs. 91.34 crores as compared to Rs. 72.13 crores earned during the June-end quarter of the previous year.
The company which provides software and payment solutions to businesses and government said, “The Profit After Tax (PAT) fell mainly due to the one-time charge of impairment on the investments, provision, and zero merchant charges on debit card transaction up to Rs. 2000 per government mandate where reimbursement amount is not confirmed.”
During the first quarter of the current fiscal year, the company successfully acquired Vivian International, digital payment processing company in the Middle East through its wholly owned subsidiary for AED 4.32 million. Last year it also acquired two Indian companies, namely; CCAvenue, a payment gateway company and Unicommerce e-Solution Private Limited, a warehouse management solution company from Snapdeal.
