Paytm’s revenue from operations declined 2.8 percent year-on-year (YoY) to Rs 2,267.1 Crore from Rs 2,464.6 Crore in the same quarter of FY23.
According to the company’s regulatory filing, fintech firm One97 Communications Ltd, owner of Paytm, has widened its loss to Rs 550 Crore in Q4FY22. The company had incurred a consolidated loss of Rs 167.5 Crore in the same period a year ago.
Paytm’s revenue from operations declined 2.8 percent year-on-year (YoY) to Rs 2,267.1 Crore from Rs 2,464.6 Crore in the same quarter of FY23.
However, the company’s loss narrowed to Rs 1,422.4 Crore in FY24 compared to Rs 1,776.5 Crore in FY23. For FY24, Paytm’s annual revenue grew by nearly 25% to Rs 9,978 Crore from Rs 7,990.3 Crore in FY23.
The company has estimated a loss of Rs 300-500 Crore due to the Reserve Bank of India (RBI) action against its banking arm Paytm Payments Bank Ltd (PPBL).
RBI had barred PPBL from accepting deposits, credit transactions or top-ups to any customer accounts, wallets and Fastags from March 15. Revenue from payments business, which accounted for about 69 per cent, grew 7% year-on-year, but declined 9 percent sequentially. According to the company, following the RBI crackdown, many lending partners stopped loans given through the platform, impacting its ability to earn fee income.
“Our results for Q4FY24 were impacted by provisional distraction due to UPI (Unified Payment Interface) transition etc. and permanent interference due to PPBL ban,” Paytm said.
