NEW DELHI: One 97 Communications which runs fintech major Paytm reported a 49% year-on-year decline in consolidated net losses in the September quarter to Rs 291.7 crore.
Net losses stood at Rs 571.5 crore in the year ago quarter. Revenue from operations increased to Rs 2,518.6 crore during the quarter from Rs 1,914 crore posted in the year ago quarter, recording a y-o-y rise of nearly 32%. The growth in revenues was helped by increase in GMV (gross merchandise value), merchant subscription revenues and growth of loans distributed through the platform.
“For Q2FY2024, we continued our momentum…despite some of the revenues getting pushed to Q3. In this financial year, online sales for the festive season will be captured in Q3, whereas in the previous financial year, it was largely in Q2,” the company said in a statement on Friday.
With more people taking to mobile payments, Paytm’s average monthly transacting users during the quarter grew by 19% y-o-y to 9.5 crore. “With 33% y-o-y growth in Paytm app GMV and 32% y-o-y growth in Paytm app transaction volume, consumer engagement on the Paytm app continues to remain strong,” the firm said adding that Rupay credit card on UPI rail is seeing good adoption by consumers who are willing to link Rupay credit cards on their payment apps. “We believe, over a longer period of time, this has the potential of becoming a decent revenue stream for UPI payments,” the company said.
Paytm’s revenues from the payments space increased by 28% y-o-y to Rs 1,524 crore during the quarter. “We continue to see consistent improvement in profitability due to strong revenue growth, increasing contribution margin and operating leverage. In Q2FY24, our EBITDA before Esop (employee stock ownership plan) was Rs 153 crore compared to (negative) Rs 166 crore in Q2FY23,” the firm said.
Net losses stood at Rs 571.5 crore in the year ago quarter. Revenue from operations increased to Rs 2,518.6 crore during the quarter from Rs 1,914 crore posted in the year ago quarter, recording a y-o-y rise of nearly 32%. The growth in revenues was helped by increase in GMV (gross merchandise value), merchant subscription revenues and growth of loans distributed through the platform.
“For Q2FY2024, we continued our momentum…despite some of the revenues getting pushed to Q3. In this financial year, online sales for the festive season will be captured in Q3, whereas in the previous financial year, it was largely in Q2,” the company said in a statement on Friday.
With more people taking to mobile payments, Paytm’s average monthly transacting users during the quarter grew by 19% y-o-y to 9.5 crore. “With 33% y-o-y growth in Paytm app GMV and 32% y-o-y growth in Paytm app transaction volume, consumer engagement on the Paytm app continues to remain strong,” the firm said adding that Rupay credit card on UPI rail is seeing good adoption by consumers who are willing to link Rupay credit cards on their payment apps. “We believe, over a longer period of time, this has the potential of becoming a decent revenue stream for UPI payments,” the company said.
Paytm’s revenues from the payments space increased by 28% y-o-y to Rs 1,524 crore during the quarter. “We continue to see consistent improvement in profitability due to strong revenue growth, increasing contribution margin and operating leverage. In Q2FY24, our EBITDA before Esop (employee stock ownership plan) was Rs 153 crore compared to (negative) Rs 166 crore in Q2FY23,” the firm said.
