IndiaIdeas.com Ltd, the operator of BillDesk, a digital payments service provider, saw its profit drop by 39 percent to Rs 149.6 crore in the fiscal year that ended on March 31, 2022. This is compared to a profit of Rs 245.5 crore that the company made in FY21.
Despite the decrease in profit, according to a report by the Economic Times, BillDesk experienced a 15 percent increase in revenue for FY22, with revenue rising from Rs 2,124.2 crore in the previous year to Rs 2,442.8 crore. These financial results were sourced from the business analytics firm Tofler, as per the report.
In the comparable period, Razorpay, a top rival of BillDesk in the Indian market, recorded a surge in net profit to Rs 7.37 crore from Rs 6.18 crore in the preceding year. Razorpay's revenue from operations in FY22 came in at Rs 1,481.1 crore.
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BillDesk recorded a total expense of Rs 2,294.9 crore in the year ending March 2022, the report said, adding that the cost incurred on employees increased by Rs 181.2 crore during the fiscal.
In FY22, BillDesk and the Netherlands-headquartered Prosus NV, the parent company of PayU Payments, had struck a deal for the former's acquisition for $4.7 billion. The deal, however, was called off by Prosus in October last year.
BillDesk, which mops up a significant amount of revenue by charging fees on companies for processing and settlement of digital payments, also recently received an in-principle authorisation from the Reserve Bank of India for its payment aggregator license.