India's Pine Labs profit jumps four-fold as digital payments adoption increases

July 28 (Reuters) - Indian ‌fintech ​firm ​Pine Labs on Tuesday posted a more than four-fold increase in ‌first-quarter profit, driven by increased adoption ⁠of digital payments and the underlying infrastructure in ‌the country.

• The company's ‌consolidated profit rose to 195.7 million rupees ($2.04 million) in the April-June quarter, ​from 47.9 million rupees last year.

• The growing adoption of digital payments ⁠by both consumers and merchants, as well as India's unified ​payments interface (UPI), has aided Pine Labs' growth, the company said.

• Revenue ​from operations rose 19.6% ‌in the quarter.

• Revenue from the company's digital infrastructure and transaction ⁠platform, which is largely monetized through subscriptions and transaction fees, rose nearly 15% to ⁠4.99 billion rupees.

• Revenue from its issuing and ​acquiring platform segment, which helps banks and fintech companies issue credit and debit cards, rose ‌31%.

• Expenses rose 10.6% in the quarter, largely due to employee ‌benefit costs.

• Pine Labs' shares jumped ⁠after the results, ‌closing 3.6% higher.

($1 = ​95.7725 Indian rupees)

(Reporting by Abhirami G in Bengaluru; Editing by Sonia ‌Cheema)

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