Airtel Payments Bank Posts Record INR 400 Cr Revenue In Q1 As Digital Offerings See Strong Uptake

Bharti Airtel’s subsidiary Airtel Payments Bank clocked a record quarterly revenue of INR 400 Cr in the first quarter of the financial year 2023-24 (FY24), up 41% year-on-year (YoY), helped by a strong uptake of its digital offerings.

The company, without disclosing the amount, said that its profit surged 143% YoY during the quarter.

In FY23, Airtel Payments Bank’s net profit stood at INR 21.7 Cr on a revenue of INR 1,291 Cr.

“We have achieved a remarkable milestone in our growth journey this quarter. For the first time, our revenues have surged to INR 400 Cr. Our brand’s reliability and cutting-edge product offerings, combined with an unparalleled distribution network and advanced technology, have positioned us favourably to continue accelerating our expansion,” said Anubrata Biswas, MD and CEO of Airtel Payments Bank.

The company said its customer deposits grew to INR 1,922 Cr in Q1 FY24, fueled by an increasing addition of new users. 

The number of monthly transacting users stood at 55.4 Mn, while annualised gross merchandise value (GMV) stood at INR 2,38,100 Cr.

The payments bank said it saw a strong demand for its customised plans that allow savings bank account customers to get additional benefits like insurance on an annual basis by making an additional payment. 

Airtel Payments Bank claimed that it now processes over 7 Bn annualised transactions across its platforms. It also claimed that it is the largest micro cash player in the country, with over 3,000 corporate partners.

Earlier this year, there were reports of a merger between Airtel Payments Bank and Paytm Payments Bank. However, Bharti Airtel denied any such plans.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.