Paytm. Loans that are disbursed via Paytm have increased by eight-fold to. 5,554 crore, up from Rs. 632 crores in the 30th June, 2021.
Digital financial services company One97 Communications, which operates under the Paytm brand announced on Friday that its net loss increased to about Rs. 644.4 millions in its initial quarter that ended on June 30. The company posted the loss as a net of Rs. 380.2 crore in the previous year.
Paytm announced that its contribution profit which does not include marketing and taxes however, it includes incentives for promotional purposes. increased threefold to the sum of Rs. 726 crore in the June 2022’s quarter, up from the amount of Rs. 245 crore during the same period.
The revenue from operations consolidated was up 89 percent to Rs. 1,680 crore in the latest quarter, from 1. 891 crore in June 2021 quarter.
“Earlier this year we’d announced that we’d be able to reach operating profitability by the end of September 2023, due to better monetisation and a moderate increase in cost. First quarter results of financial year 2023’s results show our plan is in place with a focus on unit economics, more effective control of expenses and a growing mixture of high margin businesses (such as commerce and financial services) that are guiding us towards profit,” Paytm said.
The value of the gross merchandise increased by more than a third to the tune of Rs. 3 lakh crore during the June 2022 period from the previous quarter of Rs. 1.5 lakh crore one year prior.
Paytm stated that the number of monthly users who transacted rose by 49 percent an annual basis, reaching 7.48 million.
The reported quarter saw the loans made available through Paytm increased by more than eightfold to. 5,554 crore, up from Rs. 632 crore in July 2021 period.
“Disbursements from our lending business have been growing at an average run-rate of the amount of Rs. 24,000 crore. We believe there is plenty of room for growth in this market and we are cautious on the quality of the books,” Paytm said in the report on financial performance.