In the fiscal year ending March 2024, BillDesk, a leading Indian digital payments company, reported a significant slowdown in growth. The company’s revenue from operations decreased by 12.8% year-over-year to ₹2,334 crore, down from ₹2,678 crore in FY23. Net profit also declined by 14.7%, falling to ₹121 crore from ₹142 crore in the previous fiscal year. Inc42 Media
Financial Performance Overview
- Revenue from Operations: ₹2,334 crore in FY24, a 12.8% decrease from ₹2,678 crore in FY23.
- Profit After Tax (PAT): ₹121 crore in FY24, down 14.7% from ₹142 crore in FY23.
This marks the second consecutive year of declining profitability for BillDesk, following a 5% drop in net profit in FY23.
Industry Context
BillDesk’s performance comes amid a broader slowdown in the digital payments sector in India. In FY24, the Unified Payments Interface (UPI) recorded a 57% year-over-year growth in transaction volume, reaching 131 billion transactions. However, the value of these transactions grew at a slower pace, indicating a shift towards smaller ticket sizes.
Future Outlook
As competition intensifies in the digital payments space, BillDesk may need to diversify its offerings and explore new revenue streams to regain growth momentum. The company could consider leveraging emerging technologies and expanding into underserved markets to drive future growth.
