Perfios FY24: Profit Jumps 819% To INR 71.7 Cr

Fintech SaaS startup Perfios posted a 819.2% year-on-year jump in its consolidated net profit at INR 71.7 Cr in the financial year 2023-24 (FY24) on the back of a healthy growth in its topline and higher margins.

As Inc42 reported earlier, the company turned profitable in FY23, logging a consolidated net profit of INR 7.8 Cr.

Revenue from operations jumped 37.1% to INR 557.8 Cr during the year under review from INR 406.8 Cr in FY23.

Including other income of INR 11.7 Cr, Perfios generated total revenue of INR 569.5 Cr in the fiscal year ended March 31, 2024. Other income included gain made on sale of mutual funds, interest on loans and fixed deposits, among others.

Founded in 2008 by VR Govindarajan and Debasish Chakraborty, Perfios provides software solutions to financial institutions for credit decisioning, analytics, onboarding automation, due diligence, among others. 

Perfios entered the unicorn club in March 2024 after raising $80 Mn from Teachers’ Venture Growth (TVG), the late stage investment arm of Canadian pension fund Ontario Teachers’ Pension Plan.

The startup earns a majority of its revenue from sale of the services. Service income stood at INR 472.2 Cr during the year under review, accounting for more than 84% of the total operating revenue.

Income from software coding and maintenance services zoomed 109.7% to INR 82 Cr in FY24 from INR 39.1 Cr in the previous year.

On the other hand, if looked at geographically, India continues to be the biggest contributor to the company’s sales.

Perfios posted a 32.4% jump in its domestic revenue to INR 505.6 Cr in FY24 from INR 382 Cr in FY23.

Meanwhile, the fintech SaaS unicorn generated a revenue of INR 52.2 Cr from its overseas operations in the financial year ended March 2024 as compared to INR 24.7 Cr a year ago.

Where Did Perfios Spend In FY24?

In line with the surge in its revenue, Perfios’ total expenses zoomed 28.2% to INR 495.5 Cr in the year ended March 31, 2024 from INR 386.4 Cr in FY23.

Employee Benefit Expense: Mirroring other SaaS companies, employee costs emerged as the biggest expense head for Perfios, surging 36.4% to INR 291.2 Cr during the year under review from INR 213.5 Cr in FY23. 

Of these, the company spent INR 11 Cr towards share based payment (ESOPs) in FY24.

Cloud Hosting Charges: The company’s spending under this head jumped 34% to INR 44.5 Cr in FY24 from INR 33.2 Cr in the previous year.

Data And Processing Costs: Perfios incurred an expenditure of INR 23.9 Cr in this bracket during the year ended March 31, 2024, a more than twofold jump from INR 11.2 Cr in FY23.

Legal And Professional Fees: The spending under this bucket declined 29.3% to INR 29.1 Cr in FY24 from INR 41.2 Cr in the previous year.

It was reported earlier that Perfios is planning to launch its initial public offering (IPO) to raise $500 Mn at a valuation of $2 Bn. While reports suggested that the fintech SaaS unicorn was eyeing a public listing this year, the plans have yet to materialise.

In preparation for its IPO, Perfios appointed Sumit Nigam as chief technology officer (CTO) and Anu Mathew as chief people officer (CPO) in November last year.