Zeta India's profits jump 5.4X to Rs 120 Cr on rising revenues and lower costs
The banking software maker saw its operations revenue climb 9.42% to Rs 893.12 crore in FY24, while total expenses decreased 4.5% to Rs 760.13 crore.
Zeta India parent Better World Technologies Private Limited's profits soared in FY24, fueled by rising revenue and a leaner expense structure.
Profit after tax (PAT) reached Rs 119.82 crore in FY24, a substantial rise from Rs 21.94 crore in FY23, marking a 5.4x year-over-year increase.
The banking software maker's operations revenue climbed 9.42% from Rs 816.19 crore in FY23 to Rs 893.12 crore in FY24.
Total expenses saw a 4.5% reduction, falling from Rs 795.84 crore in FY23 to Rs 760.13 crore in FY24. This decline is largely attributed to a tightening of costs across the board.
Employee benefit expenses, which represent a significant portion of the company’s expenditure, fell by 2.4% to Rs 616.38 crore from Rs 631.57 crore a year earlier. Other expenses saw a sharper decrease, dropping 14.6% to Rs 129.00 crore from Rs 151.06 crore.
Zeta is a banking technology company that builds the technological back-end infrastructure for banks. Founded in 2015, it provides a digital stack that enables banks to launch various financial products including credit cards, UPI-based credit, loans, and deposits.
The company makes money by offering these technology services to banks, helping them modernize their operations and launch digital financial products more efficiently.
Their latest offering includes a "digital credit as a service" platform that integrates with NPCI's credit line on UPI scheme, allowing banks to build customizable credit products ranging from secured loans to unsecured financing options.
Zeta currently employs approximately 1,700 individuals globally, primarily in engineering and product development, having allocated around $350 million for research and development. The company manages transactions from over 25 million active accounts onboarded through partner banks like HDFC, with an additional 60 million accounts from partner banks poised for integration into Zeta's platform.
Edited by Affirunisa Kankudti