Fintech major Paytm’s net loss narrowed over 43% to INR 222 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24) from INR 392 Cr reported in the year-ago period.
Largely helped by a sharp jump in revenue from payment services to merchants, Paytm’s operating revenue surged 38% to INR 2,850 Cr in the reported quarter from INR 2,062 in Q3 FY23.
On a quarter-on-quarter basis, Paytm’s loss narrowed almost 24% from INR 291.7 Cr reported in the prior quarter – Q2 FY24. Sales revenue increased 13% from INR 2,518.6 Cr posted in the preceding September quarter.
Paytm said its revenue growth was driven by acceleration in gross merchandise value (GMV) growth, higher device addition, and growth in financial services business. This was partly boosted by the timing of the festive seasons as online sales for the festive season were in Q3 this year, said the company.
Paytm’s adjusted EBITDA, or EBITDA before ESOP costs, improved by INR 188 Cr year-on-year (YoY) to INR 219 Cr in the quarter under review. In the corresponding period of the last fiscal, Paytm had turned EBITDA positive sans the ESOP cost.
Meanwhile, Paytm’s loan business also continued to witness growth on a YoY basis. The startup disbursed loans amounting to INR 15,535 Cr during the quarter, up 56% YoY.
The post Paytm Q3: Loss Narrows 43% YoY To INR 222 Cr, Sales Jump 38% appeared first on Inc42 Media.
