Mumbai, India, April 29, 2024: NPST, a leading provider of digital banking and payment technology solutions listed on the NSE SME exchange, announced strong fourth quarter and full-year results for FY 2024. Buoyed by a winning combination of favourable growth in digital payments, as well as its innovative technology solutions and expanding customer base, NPST reported significant increases in both revenue and net profit.
The consolidated FY 2024 annual revenue surged by 216% to ₹130.08 crore, up from ₹41.13 crore in FY 2023. Additionally, net profit increased by 310% to ₹26.71 crore, a substantial rise from ₹6.52 crore in the previous fiscal year.
For the fourth quarter of FY 2024, NPST achieved revenue of ₹44.71 crore, marking a significant 109% increase compared to the same quarter of the previous fiscal year. The company’s net profit also saw a remarkable increase of 161%, reaching ₹10.02 crore compared to the fourth quarter of the previous fiscal year.
In Q4, NPST secured significant orders for its Evok Payments Platform-As-a-Service (PPaaS) offerings from payment aggregators and incremental orders from existing banking clients. The company also diversified into offline payments with Qynx, its QR and SoundBox solution, securing orders from two major banks. Additionally, NPST secured an order for its ODR solution from DCB Bank.
Key Financial Highlights:
Q4 FY24:
H2 FY24:
FY24:
Commenting on the results Ashish Aggarwal, Co-founder and Joint MD, NPST said; “We are proud to have delivered on our commitments, with a record-breaking performance across all metrics – organic revenue growth, PAT and earnings per share. These results reflect the strong fundamentals of our business. We anticipate continued positive momentum and are dedicated to maintaining our upward trajectory.”
Commenting on the company’s performance, Deepak Chand Thakur, Co-Founder and CEO of NPST, stated; “NPST closed out 2024 with accelerated organic revenue growth of 216%, demonstrating a strong focus to delivering on our financial commitment. The results highlight our strong standing as a trusted technology partner to banks and Fintechs in the payments ecosystem. Our consistent performance is enabled by a combination of NPST’s unique business model, investments in technology, growing customer base and talented team. We are optimistic about our future and our ability to drive further innovation and value in the digital payments space.”
Future Growth
NPST sees substantial runway for growth through the long-term potential in person to merchant digital payments, and the opportunity to capture new payment flows and market segments. The company’s distinctive business model bridges the gap between banks and Fintechs and positions it well for future digital opportunities.
To sustain growth, NPST will focus on a three-pronged approach: strengthening the technology core by investing in Innovation Labs with a focus on AI and ML technologies; layering additional overlay services on its EvoK PPaaS offering; and making significant investments in building a strong leadership pipeline to scale the organization and support enhanced business performance.
About NPST
Established in 2013, NPST, a Make in India company, is one of India’s leading Fintech firms, with a listing on the NSE Small and Medium Exchange.
With a primary focus on UPI payments and digital banking solutions, NPST functions as a Technology Service Provider (TSP) and a Third-Party Aggregator Provider (TPAP), catering to stakeholders across the financial value chain, including banks, merchant aggregators, merchants and consumers. Committed to innovation and excellence, NPST’ aims to bridge the gap between banks and Fntechs and foster the overall growth of the digital payments’ ecosystem.
Presently, NPST facilitates seamless money movement for over 100 customers, processing an impressive 60 million transactions daily, benefiting millions of businesses, merchants, and consumers nationwide. For more information, please visit: https://www.npstx.com/
For more details contact: cs@npstx.com.