Okay, so let me try and explain what I am looking at. There are 3 things:
- GTV by NPST (NPST reports this in every concall)
- EVOK revenue (Total Revenue x EVOK revenue %)
- Cosmos Bank Payee PSP Volume data (from NPCI website)
As can be seen from above, on QoQ basis, EVOK revenue growth is very similar to the growth of the total GTV. However, both EVOK revenue growth and GTV growth, seem to not have a similar correlation with the Cosmos Bank Payee PSP volume data. For eg, in latest quarter, Cosmos Payee PSP volume grew by 197%, but the total GTV grew by 43%. Now, how can that be? 1 reason I see is that it might not be 1-to-1 correlated. In fact, in Sept 2023, a 35% QoQ fall was seen in the Cosmos Payee PSP data, but EVOK revenues grew by 14%.
I am not trying to make any conclusions from a derived metric (like 0.27% and 0.47% like you have mentioned) and just sticking to the numbers that have been clearly stated by NPST or NPCI website.
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