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Paytm revenue jumps 38%, narrows net loss in latest quarter

EditorAhmed Abdulazez Abdulkadir
Published 01/21/2024, 07:22 AM
© Reuters.

INDIA - Paytm, a leading digital payments provider in India, has reported a significant 38% increase in its revenue, reaching Rs 2,850 crores ($1 = ₹83.12) for the latest quarter. The company also managed to reduce its net loss by 43%, bringing it down to Rs 221.7 crores. Key financial highlights from the report include:

  • EBITDA before ESOP (Employee Stock Ownership Plan) increased to Rs 219 crores.
  • Contribution profit saw a 45% rise, amounting to Rs 1,520 crores.

These improvements are primarily driven by robust growth in Paytm's payments and financial services sectors. The payments sector alone experienced a 45% revenue increase to Rs 1,730 crores, supported by a 47% surge in Gross Merchandise Value (GMV) from merchant payments. Meanwhile, the financial services revenue saw a 36% rise to Rs 607 crores. Notably, the company's loan disbursements have witnessed a remarkable 56% growth, totaling Rs 15,535 crores.

In line with its growth strategy, Paytm has announced plans to further penetrate the high-ticket loans segment. The company aims to achieve this by bringing new lending partners on board by early FY2025. Additionally, Paytm has made a strategic investment of Rs 100 crores in Gujarat International Finance Tec-City (GIFT City), focusing on leveraging artificial intelligence to enhance cross-border remittance services.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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