Indian fintech firm Pine Labs posts quarterly profit on strong digital payments demand
A worker uses a Pine Labs machine for transaction at a fuel station in Ahmedabad, India, August 5, 2022. REUTERS/Amit Dave
Jan 28 : Indian fintech firm Pine Labs reported a third straight quarterly profit on Wednesday, supported by strong demand as more users shift to digital payments.
The company reported a profit of 423.9 million rupees ($4.6 million) for the quarter ended December 31, compared with a loss of 566.7 million rupees a year earlier.
Indian fintech firms have continued to benefit from strong growth in cashless transactions, rising merchant adoption and a renewed investor appetite.
Pine Labs has also been moving into overseas markets and targets long-term scale across its merchant commerce and digital infrastructure businesses.
The company's revenue grew nearly 24 per cent on-year to 7.44 billion rupees, led by a 16.4 per cent climb in its biggest segment, digital infrastructure and transaction platform.
Pine Labs competes with Paytm and Razorpay in India's fintech market, which is forecast to grow to $769.5  billion by 2031, from $106.2  billion in 2024, according to Persistence Market Research.
($1 = 91.7437 Indian rupees)
