Digital funds agency Paytm has reported narrowing of consolidated loss to Rs 1,704 crore for 2020-21, in accordance to the corporate’s annual report.
It had posted a Rs 2,943.32 crore loss in the monetary yr 2019-20.
When contacted, a Paytm spokesperson stated: “Despite a significant disruption in the business of our merchant partners due to the ongoing pandemic especially in the first half of the year, we have had a minimal impact on revenues, due to strong recovery in the second half of the year.”
This is the second consecutive fiscal yr when the corporate has reported a narrowing of loss.
The whole income of the corporate declined about 10 p.c to Rs 3,186 crore in 2020-21 in contrast to Rs 3,540.77 crore in the earlier yr.
“COVID-19 continues to unfold throughout the globe and India. This has an impression on all native and world financial actions. The authorities of India has taken a collection of measures to comprise the unfold of the virus and restrict the financial impression on companies and people.
“The company has considered the possible effects that may result from COVID-19, on the carrying amount of the receivables, investments, goodwill, etc,” the report stated.
The approved share capital of the corporate stood at Rs 104.1 crore comprising over 10.41 lakh fairness shares of Rs 10 every.Â
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