The company witnessed a 42 per cent increase in its revenue from operations to Rs 2,062.2 crore in the third quarter of FY23 compared to Rs 1,456.1 crore last year
New Delhi-based Indian fintech giant Paytm’s parent company One97 Communications Limited said on Friday that its net loss had narrowed down to Rs 392 crore in the third quarter of the financial year (FY) 2023. Last year, it registered a net loss of Rs 778.4 crore in the correspondent quarter.
The company also witnessed a 42 per cent increase in its revenue from operations to Rs 2,062.2 crore in the same quarter compared to Rs 1,456.1 crore last year. Its loans disbursal number also jumped by 137 per cent to 10.5 million from Rs 9,958 crore.
Addressing the latest development on Twitter, Vijay Shekhar Sharma wrote, "Paytm, a business built from scratch with conviction on Digital India. From our first app release to becoming a verb in India to operating EBITDA profitability milestone - all in 10 years!”
Paytm, a business built from scratch with conviction on Digital India.
— Vijay Shekhar Sharma (@vijayshekhar) February 3, 2023
From our first app release to becoming a verb in India to operating EBITDA profitability milestone - all in 10 years !
Super Proud of @Paytm team. 🤗
Thankful to all who have supported & cheered us along. 🙏🏼 https://t.co/h8AMTVw5wn
The SoftBank-backed Vijay Shekhar Sharma-led firm said, in a statement, that the company achieved EBITDA profitability before ESOP costs. It registered Rs 31 crore EBITDA in the third quarter of FY23.
"I wrote to you on April 6, 2022, and set a target for EBITDA before ESOP cost breakeven by the September 2023 quarter. I believe the opportunity in our country for newer payment and credit disbursement solutions is huge, which gives us quality revenue and attractive profit pools to address. With our focus on growth and keeping a tight vigil on operational risk and compliances, I am very confident that we will soon achieve our next milestone of becoming a free cash flow generating company," Paytm CEO, Vijay Shekhar Sharma told shareholders in a letter.
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