NPST Delivers Stellar Performance in FY 2024, Posts 216% Growth in YoY Revenue
Mumbai (Maharashtra) [India], April 29: 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 favorable 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 Rs130.08 crore, up from Rs41.13 crore in FY 2023. Additionally, net profit increased by 310% to Rs26.71 crore, a substantial rise from Rs6.52 crore in the previous fiscal year.
For the fourth quarter of FY 2024, NPST achieved revenue of Rs44.71 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 Rs10.02 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.
Commenting on the results, Ashish Aggarwal, Co-founder and Joint MD of NPST, expressed pride in the record-breaking performance and strong fundamentals of the business. Deepak Chand Thakur, Co-Founder and CEO of NPST, highlighted the company’s accelerated organic revenue growth and strong standing as a trusted technology partner in the payments ecosystem.
NPST sees substantial growth opportunities in person-to-merchant digital payments and plans to focus on strengthening its technology core, expanding its service offerings, and investing in building a strong leadership pipeline to support enhanced business performance.
Established in 2013, NPST aims to bridge the gap between banks and Fintechs and foster the overall growth of the digital payments ecosystem in India. With a focus on UPI payments and digital banking solutions, NPST processes an impressive 60 million transactions daily, benefiting millions of businesses, merchants, and consumers nationwide.