India’s Pine Labs profit jumps four-fold as digital payments adoption increases
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
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.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
• Revenue from the company’s digital infrastructure and transaction platform, which is largely monetized through subscriptions and transaction fees, rose nearly 15 per cent 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 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.
($1 = 95.7725 Indian rupees)
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
