Pine Labs Reports Strong Revenue Growth in FY23 Despite Doubling Net Loss

Navigating Challenges and Achieving Milestones – A Deep Dive into Pine Labs’ Fiscal Year 2022-23 Financial Report


Pine Labs, the prominent fintech unicorn, has recently released its financial results for the fiscal year 2022-23 (FY23), showcasing a robust 37% growth in operating revenue. However, the company also faced a doubling of its net loss, primarily attributed to a substantial increase in deferred tax expenses.

Operating Revenue Surpasses INR 1,000 Cr Mark: In a significant milestone, Pine Labs’ operating revenue crossed the INR 1,000 Cr mark, reaching INR 1,280.5 Cr for the year ending March 31, 2023. This marked a substantial 37% increase from the previous fiscal year, highlighting the company’s strong performance in the market.

Regional Revenue Breakdown: The fintech giant experienced a notable 37% growth in revenue from its operations in India, with the figures reaching INR 1,253.7 Cr in FY23. Simultaneously, Pine Labs saw a commendable 51% year-on-year increase in income from its global markets, amounting to INR 268.7 Cr. This diversification in revenue sources showcases Pine Labs’ ability to thrive both domestically and internationally.

Net Loss Doubles Due to Deferred Tax Expense: Despite the impressive revenue growth, Pine Labs faced a significant challenge as its consolidated net loss more than doubled, soaring to INR 56.2 Cr in FY23 from INR 22.6 Cr in the previous fiscal. The primary contributor to this increase was a substantial difference in deferred tax expenses, emphasizing the complexities and intricacies of financial management in the fintech industry.

Total Expenses Rise in Tandem with Revenue: In line with the surge in revenue, Pine Labs witnessed a corresponding increase in total expenses, which escalated by 35.8% to INR 1,402.2 Cr from INR 1,032.3 Cr in FY22. This rise in expenses underscores the company’s strategic investments and initiatives to fuel its growth trajectory.


Pine Labs’ financial performance in FY23 reflects a dynamic and evolving landscape in the fintech sector. While the company achieved significant revenue milestones and demonstrated its prowess in both domestic and global markets, the doubling of the net loss underscores the importance of managing various financial elements effectively. As Pine Labs continues to navigate the complexities of the fintech industry, its strategic decisions and financial resilience will play a pivotal role in shaping its future trajectory.

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