Shares of the company specializing in software development and AI services, increased by over 5 percent following the acquisition of orders valued at $10 million. These orders are for delivering AI services to hospitals in India and gas stations in the UAE.
Price Movement
The share price of Infibeam Avenues (NS:IFIB) Limited jumped by over 5 percent, reaching an intra-day high of Rs.32.37 per share, up from its previous close of Rs.30.79. Over the past year, the share has delivered a return of more than 120 percent.
Is Infibeam Avenues a buy or sell? What is its Fair Value? What are the company's health parameters? What are the positive and negative factors driving the company -- ProTips? Know all the answers on the company's overview page here.
What is the news
Phronetic.AI, a division of Infibeam Avenues Limited, has achieved a major milestone by securing two significant contracts for its Theia Vision AI technology. The contracts, valued at $1 million annually each, span five years with options for extension.
The first contract involves integrating Theia Vision AI’s ‘AI Facility Manager’ into five leading hospitals in India, where it will enhance diagnostics, real-time patient monitoring, and resource allocation.
The second contract, with a UAE-based gas station chain, will deploy the same AI technology to improve security, customer service, and operational efficiency at their stations, focusing on real-time threat detection and automated transaction monitoring.
These contracts highlight Phronetic.AI’s expanding influence and its technology’s transformative potential in healthcare and the energy sector.
Recent Strategic Developments
In Q1, the company added 2,30,022 new merchants, averaging over 2,550 daily. BillAvenue (Bills Payment Platform of Infibeam) saw an 87 percent increase in transaction value quarter-on-quarter. ResAvenue (Hospitality Platform) delivered 4,67,248 hospital room nights, generating over Rs.310 crores.
Future Outlook
Phronetic.AI has submitted a patent application to the US Patent Office for AI-driven activity-based management.
Additionally, Infibeam intends to acquire a majority stake in Rediff.com to merge digital payments with cloud email storage and content distribution, aiming to enhance engagement and explore new revenue opportunities with Rediff’s 55 million monthly visitors.
Financials
For the quarter ending June 30, 2024, Infibeam Avenues Limited reported consolidated revenue of Rs.753 crore, reflecting an increase of 1.48 percent from Rs.742 crore in the same quarter the previous year. The company’s net profit for Q1 FY25 rose to Rs.70 crore, marking a substantial 180 percent increase compared to Rs.25 crore in Q1 FY24.
Company Profile
Infibeam Avenues provides digital payment solutions and enterprise software platforms to businesses and governments across various industries. Its digital payment services are offered under the brand CCAvenue, while its enterprise software solutions are branded as BuildaBazaar.
Written by – Siddesh S Raskar
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