One97 Communications, Paytm's parent, disclosed a wider loss of Rs 550 crore in its regulatory filing on Wednesday. The company reported a loss of Rs 168 crore in the last year quarter.
In comparison to the same quarter of the financial year 2023, when it was Rs 2,464.6 crore, Paytm's revenue from operations decreased 2.9 percent to Rs 2,267.10 crore during the reporting quarter. Similarly, the company's loss for the year ending March 31, 2024, narrowed to Rs 1,422.4 crore. In FY23, Paytm reported a loss of Rs 1,776.5 crore.
Paytm's annual revenue increased from Rs 7,990.3 crore in FY23 to Rs 9,978 crore in FY24, a gain of around 25 per cent.
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The company’s financial results were impacted both by an embargo on Paytm Payments Bank (PPBL) and transitory disruptions associated with the Unified Payments Interface (UPI) changeover, which had a substantial effect on Paytm's financial results for the fourth quarter of FY24. Talking about the company’s transition from PPBL to other banks, Paytm Founder Vijay Shekhar Sharma said, “I am happy to share that we have successfully transitioned our core payment business from PPBL to other partner banks.”
Further, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) before employee stock ownership plans (ESOPs) fell significantly in the March quarter to Rs 103 crore from Rs 234 crore in the same quarter in March.
Talking about the Q4 results, the company said in a regulatory filing, “While we experienced financial impact in Q4 due to the above disruptions, the full financial impact will be seen in Q1 FY 2025.” In Q1 FY 2025, the company aims to report revenue of ₹1,500 - ₹1,600 Cr and EBITDA before ESOP of (₹500) – (₹600) Crore.
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Meanwhile, while announcing the quarter result, the fintech firm has also mentioned that Ripunjai Gaur, Chief Business Officer, Offline, Payments, of the company has been designated as ‘Senior Management Personnel. Since August 2009, Ripunjai Gaur has been with Paytm. He presently serves as Paytm's Chief Business Officer and is in charge of the offline payment platform for the semi-organized merchant category. The company claims that Gaur has played a key role in building the offline merchant industry from the ground up, spearheading ventures like Sound Box, EDC, and the cash voucher business.
(With inputs from PTI)
