BackPaytm Q2 results: Net loss widens to ₹571 crore, revenue up 76%
Paytm Q2 Results: One97 Communication-owned Paytm's consolidated revenue from operations for the second quarter of the fiscal jumped 76% to ₹1,914 crore on a year-on-year (Y-o-Y) basis from ₹1,086 crore
PremiumDigital financial services firm One97 Communications, which operates under the Paytm brand name, on Monday reported a widening of consolidated loss to ₹571 crore for the September 2022 quarter. The company had recorded a net loss of ₹472.90 crore in the same period last year.
However, its net loss narrowed on a sequential bases. India's biggest fintech player's posted a loss of ₹644.4 crore in the June quarter.
Paytm's consolidated revenue from operations for the second quarter of the fiscal jumped 76% to ₹1,914 crore on a year-on-year (Y-o-Y) basis from ₹1,086 crore. It is 14% higher than the revenue of ₹1,679.60 crore in the previous quarter.
The revenue was driven by increase in merchant subscription revenues, growth in bill payments due to growing MTU and growth in disbursements of loans through our platform, the company said.
The street expected the digital payments and financial services company to report a 62.4% YoY rise in the revenue and a net loss of ₹596 crore.
Revenue in the financial services and others business was ₹349 crore, up 293% YoY, and now accounts for 18% of total revenue (versus 8% in Q2FY22), driven by sourcing and collection revenues in the loan distribution business, the firm said.
Its payments services revenue grew 56% YoY, led by continued platform expansion across MTU (monthly transaction user), merchant base, subscription merchants and GMV (gross merchandise value).
In Q2FY23, the GMV came at at ₹3.2 lakh crore, up by 63% YoY. On a QoQ basis, GMV grew 8%, driven by growth in the offline merchant base and an increase in GMV from online merchants primarily e-commerce due to festive sales.
Total loans disbursed, in partnership with lending partners were 9.2 million during the quarter (up 224% YoY and 8% QoQ), amounting to ₹7,313 crore (up 482% YoY and 32% QoQ), the company said.
The company's scrip closed 0.25% higher at ₹652.00 over the last day's closing of ₹649.80 piece.
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