Pine Labs turns profitable in 9M FY25 as total income rises 26.6% YoY

Merchant commerce platform Pine Labs turned profitable in the first nine months of FY25, posting a net profit of Rs 26.14 crore, a sharp turnaround from the Rs 151.63 crore loss reported in the same period last year, regulatory filings show.

The turnaround follows a robust uptick in revenues and controlled expense growth.

Total revenue rose 26.6% year-on-year to Rs 1,273.88 crore in the April to December 2024 period, up from Rs 1,006.56 crore a year earlier. Core revenue from operations grew 23% to Rs 1,208.16 crore from Rs 982.05 crore in the year-ago period.

The Singapore-headquartered fintech had posted a full-year loss of Rs 187.17 crore in FY24, on revenue from operations of Rs 1,341.01 crore—implying it has already achieved over 90% of last year’s revenue in just nine months.

Around 31% and 35.2% of Pine Labs’s revenues in the first nine months of FY25 and FY24, respectively, came from its top 10 customers, the filings showed.

On the expense side, employee benefit costs grew marginally by 6.4% to Rs 497.06 in 9M FY25 crore from Rs 467.3 crore, while transaction-related expenses rose 6.4% year-on-year to Rs 138.03 crore.

Other expenses saw a higher increase of 17.1%, reaching Rs 317.57 crore compared with Rs 271.3 crore in the same period last year.

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Pine Labs files for IPO, eyes Rs 2,600 Cr fresh fundraise

Pine Labs has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) and plans to raise Rs 2,600 crore through a fresh issue of shares.

Pine Labs plans to use Rs 870 crore from the IPO proceeds to repay debt, Rs 600 crore to invest in international subsidiaries, and Rs 760 crore to upgrade tech infrastructure, including cloud platforms and digital checkout points. As of April 30, 2025, its consolidated debt stood at Rs 870.4 crore.

The company may also raise Rs 520 crore in a pre-IPO placement, which would reduce the fresh issue size.