Razorpay reports 5x growth in net profit in FY24
05 Nov 2024, 02:38 AMThe company posted profit after tax of Rs 34 crore in FY24 as compared to Rs 7 crore in FY23.
Team Head&Tale
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Oct 29: Razorpay reported a 24% jump in revenues for its payment gateway (PG) business. Despite facing over nine months ban on new merchant onboarding during the financial year, the fintech’s PG business generated revenue of Rs 2,068 crore.
During this period, its total income stood at Rs 2,501 crore as compared to Rs 2,293 crore reported in FY23.
It posted profit after tax of Rs 34 crore in the last fiscal year from Rs 7 crore in FY23.
Razorpay resumed onboarding new merchants on December 22, 2023, following RBI’s payment aggregator (PA) authorization.
The company claims it launched over 40 new solutions that enhanced service penetration among existing customers. Razorpay also claimed to reach an annualized total payment volume (TPV) of $180 billion.
The company’s total expenses rose to Rs 2,454 crore with employee benefits amounting to Rs 611 crore.
The firm is now eyeing further growth through international expansion in Southeast Asia and a sustained omnichannel strategy.
Recently, The Head and Tale did a deep-dive into the country’s over-competitive payment aggregation space.
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