Digital payments processor Pine Labs reported a net profit of Rs 6 crore in the September quarter of the current financial year, delivering its second profitable quarter on the trot. The company had reported a net loss of Rs 32 crore a year back. In the June quarter it had reported a net profit of Rs 5 crore.
The Gurugram-based payment firm’s operating revenue at the consolidated level jumped to Rs 650 crore, up 18% from Rs 551 crore a year back.
"We earn around 71% of our revenues from the non-PoS side of the business, and around 29% from PoS subscriptions," said Amrish Rau, chief executive officer, Pine Labs.
This is the first quarterly report of Pine Labs after its listing on November 14, when its shares jumped 9.5% higher than the IPO price. Currently, the company’s shares are trading at Rs 247, down 0.84% intra-day.
Employee expenses continue to be the biggest cost item for Pine Labs. In the September quarter, this cost head stood at Rs 267 crore, up slightly from Rs 258 crore a year back. Its overall expenses were Rs 661 crore for the quarter.
In a shareholder presentation, the company said it had onboarded more than a million merchants and the platform’s overall transaction value had grown to $48.2 billion in the quarter, up 92% on-year.
Additionally the Peak XV Partners-backed payments firm said that it is steadily reducing its capital expenditure for setting up point-of-sale (PoS) terminals by redeploying and refurbishing existing devices. The company’s capex for FY25 stood at Rs 101 crore.
Addressing stock market analysts, Rau said that the company is focussing more on the software layer of payments and encouraging merchants and banks to buy their own hardware devices.
Interestingly, the company’s international revenue is growing faster than its India earnings. The company’s India revenues grew 31% year-on-year, while its international business grew 35%. The company has operations in the Gulf, southeast Asia, Australia, and the US.
The company’s total headcount is around 4,500, with around 1,000 employees in technology and product management roles.
Also Read: Peak XV’s early Pine Labs bet lands over $1 billion in likely gains
The Gurugram-based payment firm’s operating revenue at the consolidated level jumped to Rs 650 crore, up 18% from Rs 551 crore a year back.
"We earn around 71% of our revenues from the non-PoS side of the business, and around 29% from PoS subscriptions," said Amrish Rau, chief executive officer, Pine Labs.
This is the first quarterly report of Pine Labs after its listing on November 14, when its shares jumped 9.5% higher than the IPO price. Currently, the company’s shares are trading at Rs 247, down 0.84% intra-day.
Employee expenses continue to be the biggest cost item for Pine Labs. In the September quarter, this cost head stood at Rs 267 crore, up slightly from Rs 258 crore a year back. Its overall expenses were Rs 661 crore for the quarter.
In a shareholder presentation, the company said it had onboarded more than a million merchants and the platform’s overall transaction value had grown to $48.2 billion in the quarter, up 92% on-year.
Additionally the Peak XV Partners-backed payments firm said that it is steadily reducing its capital expenditure for setting up point-of-sale (PoS) terminals by redeploying and refurbishing existing devices. The company’s capex for FY25 stood at Rs 101 crore.
Addressing stock market analysts, Rau said that the company is focussing more on the software layer of payments and encouraging merchants and banks to buy their own hardware devices.
Interestingly, the company’s international revenue is growing faster than its India earnings. The company’s India revenues grew 31% year-on-year, while its international business grew 35%. The company has operations in the Gulf, southeast Asia, Australia, and the US.
The company’s total headcount is around 4,500, with around 1,000 employees in technology and product management roles.
Also Read: Peak XV’s early Pine Labs bet lands over $1 billion in likely gains
