July 28 (Reuters) – 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 monetized 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.
($1 = 95.7725 Indian rupees)
(Reporting by Abhirami G in Bengaluru; Editing by Sonia Cheema)
