Mumbai2 hours ago
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The company’s loss has increased by 225% on an annual (YoY) basis to Rs 550 crore. The loss in the same quarter of the last financial year i.e. 2022-23 was Rs 167 crore.
Paytm’s parent company One 97 Communications has suffered a loss of Rs 550 crore on an annual basis in the fourth quarter of the financial year 2023-24. The loss in the same quarter of the last financial year i.e. 2022-23 was Rs 167.5 crore. That is, the company’s loss has increased by 228%.
The company’s revenue has also declined. Paytm’s revenue from operations in the January-March quarter stood at Rs 2,267 crore. Revenue in the same quarter last year was Rs 2,334 crore. That is, the company’s revenue fell by 3% on an annual basis in the fourth quarter.
Company’s loss reduced by 19% in financial year 2023-24
However, the company’s losses in the entire financial year 2023-24 have reduced compared to 2022-2023. Paytm recorded a loss of Rs 1,422.4 crore in 2023-24. In 2022-2023 it was Rs 1,776.5 crore. That is, the losses have decreased by 19%.
The company’s revenue has increased in the entire financial year 2023-24. Paytm recorded revenue from operations of Rs 9,977.8 crore in 2023-24. In 2022-2023 it was Rs 7,990.3 crore. That means, revenue has increased by 24.9%.
Paytm shares fall today
Paytm’s shares are falling today. The company’s shares were trading at Rs 346.45, down Rs 5.25 (1.49%) at 10:31 am.
There has been a decline of Rs 360.30 (50.99%) in the share in the last one year. One year ago i.e. on 22 May 2023, the share was at Rs 706.65, which has now come down to Rs 346.55.
Impact on revenue due to closure of Paytm wallet and loan product
Paytm Founder and MD Vijay Shekhar Sharma said- ‘We feel that our revenue and profitability will be impacted due to disruptions in our business in the fourth quarter. With the closure of Paytm Wallet, we had stopped some other payment and loan products. I am happy to share that many such products have been launched again or are in the process of being launched soon.
Paytm was started in 2009
Paytm’s parent company One97 Communications launched the Paytm payment app in August 2009. Currently, Paytm has more than 30 crore users in the country. The market cap of Paytm is Rs 22.39 thousand crore.
