India's Pine Labs profit jumps four-fold as digital payments adoption increases
July 28 : 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 per cent in the quarter.
- Revenue from its issuing and acquiring platform segment, which helps banks and fintech companies issue credit and debit cards, rose 31 per cent.
- Expenses rose 10.6 per cent in the quarter, largely due to employee benefit costs.
- Pine Labs' shares jumped after the results, closing 3.6 per cent higher.
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