Digital payments have grown sharply in the past few years. The pandemic gave a strong boost to the Indian digital payments industry and increasingly more users are switching to digital modes every day. With the fintech industry gaining a solid footing
in the market, more innovative and better payment modes are expected to hit the market in the future.
The adoption of technology has made digital transactions safe and secure. MOS Utility is one of the leading technology enabled providers of digital products and services in the B2B and B2B2C segment in the country. The company recently floated its IPO. The shares were listed on the NSE SME platform and are currently trading at a premium of more than 40 per cent from the IPO issue price of Rs 76.
The company has released its financial year 2023 earnings in which it has reported an astounding jump of 72 per cent in profit at Rs 5.68 crore from Rs 3.29 crore in the last financial year. The gross profit in FY23 zoomed 194 per cent to Rs 12.4 crore YoY, according to a filing on the NSE.
The revenue from operations was at Rs 109.6 crore in the whole year which is an addition of 35.6 per cent from Rs 80.8 crore reported in the year ended on March 31, 2022.
MOS Utility utilised the proceeds from the public issue to meet working capital requirements and general corporate purposes.
It said in a statement that growth rate demonstrates the ability to effectively capitalize on the opportunities within the fintech industry which continues to experience robust growth and innovation. A series of government initiatives are aiding fintech companies to leverage technology and data analytics to offer a wide range of customer-centric financial services such as digital payments, travel, utility and insurance among others.