Google India Digital Services, which operates Google Pay in the country, has seen its net profit rise about 62% to ₹53.22 crore, even as its revenue from operations fell 2% to ₹1,497.6 crore in 2020-21 over the previous fiscal, according to regulatory documents.
Google Pay's revenue from operations declined to ₹1,467.36 crore in 2020-21 from ₹1,497.66 crore in 2019-20, according to the Registrar of Companies filing, shared by market intelligence firm Tofler.
Its profit after tax increased to ₹53.22 crore in 2020-21, from ₹32.86 crore in 2019-20. The company, which competes with players like Paytm, PhonePe and Amazon Pay, saw its expenditure decline to ₹1,402.98 crore in 2020-21, from ₹1,457.63 crore in 2019-20.
"We have noted the substantial progress of the company and are hopeful of consistent performance. The outlook remains encouraging and it is expected that the positive trend will continue in furthering the growth of the company," the filing noted.
When contacted, Google did not respond to emailed queries.
Incorporated in January 2017, Google India Digital Services has been set up to undertake business of any form of electronic payment facilitation mechanism through the operation of Google Pay (formerly known as Tez) application in India.
