BackPaytm reports 64% jump in revenues, net losses marginally rise
For Paytm, net losses also increased marginally from ₹436.7 crore in Q2 FY’21 to ₹473.5 crore in the second quarter of FY’22 ending September, this year
PremiumIn its first financial results since listing, One97 Communications Ltd., the operator of the brand Paytm, said that revenue from operations grew to ₹1090 crore for the fiscal quarter ending September, this year.
This is a 64% growth since the second quarter (Q2) ending September, last fiscal year (FY’21), the company said as a part of its latest disclosure on the Indian exchanges.
For Paytm, net losses also increased marginally from ₹436.7 crore in Q2 FY’21 to ₹473.5 crore in the second quarter of FY’22 ending September, this year.
“Revenues from payment and financial services went up by 69% year-on-year (Y-o-Y) to ₹8,426 million ( ₹842 crore), driven by 52% growth in non-UPI payment volumes (GMV) and growth from Financial Services and other revenues by more than 3 times. Revenue from payment services to customers was up 54% Y-o-Y to ₹3,536 million, driven by increase in non-UPI payment usage on our consumer platform," stated the company filings on Saturday.
“Revenue from commerce at ₹838 million up 69% Y-o-Y with continued post-covid recovery in travel and entertainment ticketing businesses. Revenue from Cloud increased to ₹1,600 million up 37% Y-o-Y primarily due to a strong growth in the advertisement revenue," added Paytm.
Indirect expenses for the company also grew as it continued to focus on growth, in the quarter ending September.
Marketing expenses for the company shot up by almost 40% to ₹102.3 crore in Q2 FY’22 compared to ₹62.3 crore in Q2 FY’21.
Overall indirect expenses for the company stood at ₹686.3 crore in the latest quarter ending September, this year.
“The growth of non-UPI GMV has driven continued payments revenue growth, and our UPI-led payment volume growth is translating to a significant ramp up of our financial services offering. Paytm has seen a strong second quarter of FY22, which is a testimony to the strong two-sided ecosystem of consumers and merchants that we have built. We have maintained the growth momentum in our payments services business, expanded our financial services business aggressively and are on our way to pre-COVID volumes for Commerce and Cloud services," the company said as a part of the disclosures on Saturday.
Earlier in November, One97 Communications Ltd. said it had reported an overall gross merchandise value (GMV) of ₹832 billion (roughly $11.2 billion) in the month of October 2021.
Overall GMV for One97 Communications also grew to ₹1956 billion during the quarter ending 30 September 2021, a 107% growth from the previous fiscal quarter ending June 2021.
The average monthly active users for the quarter ending September 30, this year, stood at 57 million, the company said in earlier filings.
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