Mumbai (Maharashtra) [India]: NPST, a leader in digital payments and banking service provider in the NSE SME listed fintech domain, announced a significant growth in revenue for the third quarter of fiscal year 2024, reflecting strong performance and growth.
Driven by an uptrend in digital payments and a strategic focus on a customer-centric product approach, the growth represents a significant milestone for NPST, building upon a higher base established a year ago.
For the quarter ending December 2023, NPST clocked revenues equalling INR 3,207.85 lakhs, a notable 210% increase over the corresponding quarter of the previous fiscal year.
Additionally, NPST achieved a net profit of INR 653.15 lakh, marking a significant growth from INR 180.75 lakh reported in the corresponding quarter of the preceding year.
NPST’s year-to-date revenue stands at INR 8,540.14 lakh, highlighting the company’s consistent performance. Compared to the previous year’s year-to-date revenue of INR 1,976.08 lakh, this represents a notable 332.18% increase.
Commenting on the company’s financial performance Ashish Aggarwal, JMD, NPST said, ‘Our Q3 results reflect NPST’s unwavering commitment to sustainable growth and underscores the effectiveness of our overall strategy and the trust our investors place in us.’
Deepak Chand Thakur, Chairman & Managing Director (Founder), said, ‘In the last few quarters, our emphasis on product strategy and nurturing innovation lab has yielded positive results, evident in the growth seen in recent quarters, particularly in Q3 FY23.’
‘The payments industry in India is experiencing landslide growth, with UPI at the forefront riding on changing consumer transactional patterns, increased online transactions, and deeper penetration of offline transactions. NPST’s presence in this space,’ he added.
Bonus Share Issue
Additionally, the company’s board announced a bonus share distribution at a ratio of 1:2, granting shareholders two bonus equity shares valued at Rs. 10 each for every fully paid-up equity share of Rs. 10 each held. The total issue, capped at Rs. 12,92,40,000, reflects NPST’s commitment to enhancing shareholder value and liquidity.
NPST announced it is augmenting its leadership team with the appointment of Savita Vashist as Director, effective January 22, 2024. With over two decades of experience in the software sector, Savita brings expertise in driving business development, sales initiatives, and fostering strategic collaborations.
Deepak Chand Thakur, Chairman & Managing Director (Founder), said; ‘I am delighted to welcome Savita Vashist to our leadership team. With ambitious expansion plans ahead, Savita’s established track record and strategic acumen will provide NPST with the momentum needed to achieve our goals.’
NPST (Networks People Services Technologies), a leading fintech company in India, provides cutting-edge payment solutions to bridge the gap between banks and FinTech.
With a strong focus on innovation, NPST processes a significant share of the country’s digital transaction volume, including UPI, IMPS, and Mobile Banking. Positioned for sustained success, NPST continues to set new benchmarks and is dedicated to delivering pioneering solutions and driving the future of digital payments in India.