Indian fintech firm Pine Labs on Tuesday posted a more than four-fold increase in first-quarter profit, driven by increased adoption of digital payments and the underlying infrastructure in the country.
The company’s consolidated profit rose to 195.7 million rupees ($2.04 million) in the April-June quarter, from 47.9 million rupees last year.
The growing adoption of digital payments by both consumers and merchants, as well as India’s unified payments interface (UPI), has aided Pine Labs‘ growth, the company said.
Revenue from operations rose 19.6% in the quarter. Revenue from the company’s digital infrastructure and transaction platform, which is largely monetised through subscriptions and transaction fees, rose nearly 15% to 4.99 billion rupees.
Revenue from its issuing and acquiring platform segment, which helps banks and fintech companies issue credit and debit cards, rose 31%.
Expenses rose 10.6% in the quarter, largely due to employee benefit costs. Pine Labs‘ shares jumped after the results, closing 3.6% higher.
Reuters
