Digital payments have grown exponentially in the last few years. The pandemic has given a strong boost to the Indian digital payments industry and more and more users are switching to digital mode every day. Gaining a solid footing with the fintech industry
In the market, more innovative and better payment modes are expected to hit the market in the future.
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 B2B and B2B2C segments in the country. The company has recently introduced its IPO. The shares were listed on the NSE SME platform and are currently trading at a premium of over 40 per cent to the IPO issue price of Rs 76.
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The company has released its FY2023 earnings, in which it has reported an astonishing 72 per cent increase in profit from Rs 3.29 crore in the previous financial year to Rs 5.68 crore. According to a filing on the NSE, the gross profit grew by 194 per cent to Rs 12.4 crore in FY23.
Revenue from operations for the full year was Rs 109.6 crore, up 35.6 per cent from Rs 80.8 crore reported in the year ended March 31, 2022.
MOS Utility utilized the proceeds from the public issue to meet working capital requirements and general corporate objectives.
It said in a statement that the growth rate demonstrates the fintech industry’s ability to effectively capitalize on opportunities that continue to experience strong growth and innovation. A series of government initiatives are helping fintech companies leverage technology and data analytics to offer a wide range of customer-centric financial services such as digital payments, travel, utilities and insurance.