Its net profit surged nearly fivefold to Rs 34 crore from Rs 7 crore during this period.
The company said its annualised total payments volume reached $180 billion.
The financials are part of Razorpay Software, within which the domestic payments business is housed. But the Peak XV Partners and Tiger Global-backed company, headquartered in the US, is currently in the process of reverse flipping its head office to India.
ET had reported on November 14 last year that Razorpay might have to cough up $250-$300 million in taxes in the US because of its plans to move its headquarters back to India.
The company’s core payment gateway business saw a 24% increase in revenue to Rs 2,068 crore in 2023-24 from Rs 1,665 crore a year ago.
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Revenue from ‘other services’ such as value-added services and software products slipped 34% to Rs 407 crore from Rs 614 crore a year ago.The company reported expenses of around Rs 2,454 crore for 2023-24, up about 7% from the previous year, and employee benefit expenses stood at Rs 611 crore. It managed to rein in its expenses, which had surged 55% in the year-ago period.
On Tuesday, Razorpay said in a statement that the revenue growth in its payments business came despite the company being under a regulatory embargo on adding new merchants for the first nine months of 2023-24.
It added that revenue grew through deeper engagement with its existing merchants and new products launched through the fiscal which helped expand its revenue sources from each of them.
Razorpay received the final approval for its payment aggregation business in December 2023 and started onboarding fresh merchants thereafter. It has also applied to the Reserve Bank of India for a payment aggregator cross-border licence, which is under consideration.