CASHe’s profit declines 95% in FY24, revenue grows 16%

Cashes, a digital payments company, reported a dramatic 95% decline in its profit for FY24, despite seeing a 16% growth in revenue. The decline in profit is attributed to increased operational costs and investment in scaling its business. Cashes expanded its customer base and rolled out new services during the fiscal year, but its high expenditure on technology infrastructure and marketing campaigns impacted profitability. The company is optimistic about its long-term growth prospects and plans to focus on improving operational efficiency and reducing costs. The increase in revenue signals strong market demand for its services, but the company needs to address its profitability challenges to achieve sustainable growth.