Paytm monthly transaction users increased by 49% YoY, Q1 net loss widens to Rs 644.4 Crore

Digital financial services firm One97 Communications, which operates under the Paytm brand, said on Friday its consolidated loss widened to Rs. 644.4 crores in the first quarter ended June 30. The company had recorded a net loss of Rs. 380.2 crores a year ago.

Payment said its contribution profit, which excludes taxes and marketing expenses but includes promotional incentives, more than tripled to Rs. 726 crore in the June 2022 quarter from Rs. 245 crore in the period ago one year old.

Consolidated revenue from operations increased by 89% to Rs. 1,680 crore in the quarter reported from Rs. 891 crore in the June quarter 2021.

“Earlier this year, we shared that we would achieve operating profitability by September 2023, driven by better monetization, as well as moderate cost growth. The results for the first quarter of fiscal 2023 show that our strategy is firmly in place, with targeted improvement to unit economics, better expense management, and a growing mix of higher-margin businesses (such as financial services and trading) guiding us down the path profitability,” Paytm said.

The gross value of goods more than doubled to Rs. 3 lakh crore in the June quarter of 2022 from Rs. 1.5 lakh crore a year ago.

Paytm said its monthly transacting users grew by 49% on a yearly basis to 7.48 crore.

In the quarter under review, loans disbursed through Paytm increased more than eightfold to Rs. 5,554 crore from Rs. 632 crore in the June quarter of 2021.

“Disbursements in our loan distribution business are annualizing at a rate of around Rs. 24,000 crore, and we believe there are plenty of opportunities to upsell in this business while being cautious about the quality of the book. “, Paytm said in the financial performance. report.

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