Digital financial services firm One97 Communications, which operates under the Paytm brand, said Friday that its consolidated loss has increased to Rs. 644.4 crore in the first quarter ended June 30. The company had recorded a net loss of Rs. 380.2 crore a year ago.
Paytm said its membership gains, excluding taxes and marketing costs, but including promotional incentives, grew more than threefold to Rs. 726 crore in June 2022 quarter of Rs. 245 crore in the period from a year ago.
Consolidated revenue from operations increased by 89 percent to Rs. 1,680 crore during the reported quarter of Rs. 891 crore in the June 2021 quarter.
“Earlier this year we shared that we would achieve operational profitability by September 2023, driven by improved revenues and moderating cost growth. The results of the first quarter of fiscal year 2023 show that our strategy is well in place, with targeted improvements in the unit economy, better expense management, and an increasing mix of higher-margin businesses (such as financial services and commerce) driving us toward profitability,” Paytm said.
The gross commercial value has more than doubled to Rs. 3 lakh crore in the June 2022 quarter of Rs. 1.5 lakh crore a year ago.
Paytm said the number of users who transacted monthly grew 49 percent year-on-year to 7.48 crore.
During the reported quarter, loans disbursed through Paytm grew more than eightfold to Rs. 5,554 crore of Rs. 632 crore in the June 2021 quarter.
“Disbursements in our loan distribution business are increasing year on year at a run rate of approximately Rs. 24,000 crore, and we believe there is ample opportunity for upsell in this business while being conservative on the quality of the book,” Paytm said. in financial performance. report.