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Pine Labs reported a sharp jump in profit for the September quarter, underlining the gains fintech firms are making from India’s rapid shift to digital payments. The company’s consolidated net profit rose more than six times year-on-year to Rs. 38.57 crore, compared with Rs. 5.97 crore in the same quarter last year.
The performance marks a major improvement in profitability for the merchant-payments platform. Pine Labs said stronger revenue growth, better operating efficiency and higher transaction monetization supported the bottom line.
India’s payments ecosystem continued to expand during the quarter. UPI remains the backbone of everyday digital transactions, and Pine Labs benefited from rising consumer adoption and greater merchant acceptance.
The company processed 2.29 billion transactions in the quarter, up 22 percent from a year earlier. Its gross transaction value across Flow, Affordability and Transaction Processing grew 52 percent year-on-year.
Revenue from operations rose 24 percent year-on-year to Rs. 806.19 crore from Rs. 650 crore. The growth was the company’s fastest in five quarters, according to reports citing its earnings.
UPI-related gross transaction value rose more than 77 percent. The company also reported strong momentum in online payments, where transaction value increased 140 percent and revenue grew over 45 percent.
Pine Labs continued to add digital checkout points across its merchant network. The mid-market segment grew particularly fast, with digital checkout points rising 49 percent year-on-year.
The company said it increased monetization from its existing merchant base. It also expanded its prepaid issuing business, which added to revenue growth during the quarter. Analysts will now watch whether Pine Labs can maintain this growth momentum in the second half of the fiscal year. Sustained UPI adoption, merchant expansion and new revenue streams will remain central to that outlook.
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