Fintech major Paytm
’s net loss has widened over 3X on an year-on-year basis to INR 550.5 Cr in the April quarter (Q4) of the financial year 2023-24 (FY24) from INR 167.5 Cr reported in the year-ago period.
The revenue from operations decreased by 2.9% YoY to INR 2,267.10 Cr, compared to INR 2,334 Cr in the same period last year. This figure also represents a 20% decline from the previous quarter.
“Our Q4 FY 2024 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of PPBL embargo,” the company said in its earnings release.
It is to be noted that this was the first quarterly result of Paytm after the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new users and from offering various services including UPI payments and deposits. RBI cited that the Paytm Payments Bank failed to comply with RBI’s regulations.
Source: INC 42
