For the 12 months ended March 31, 2023, One97 Communications reported narrowing of loss to Rs 1,776.5 crore from Rs 2,396.4 crore in the earlier fiscal.
Paytm’s consolidated income from operations grew 51.5 per cent to Rs 2,334.5 crore in the March 2023 quarter, from Rs 1,540.9 crore final 12 months
Digital monetary providers agency One97 Communications, which operates beneath the Paytm model, on Friday posted a narrowing of consolidated loss to Rs 167.5 crore in the fourth quarter ended March 31, 2023. The firm had posted a loss of Rs 762.5 crore in the identical interval of the final 12 months.
The consolidated income from operations of the corporate grew 51.5 per cent to Rs 2,334.5 crore in the quarter beneath assessment from Rs 1,540.9 crore in the March quarter of FY22.
For the 12 months ended March 31, 2023, One97 Communications reported narrowing of loss to Rs 1,776.5 crore from Rs 2,396.4 crore in the earlier fiscal. The income from operations of the corporate grew by about 60 per cent to Rs 7,990.3 crore in FY23 from Rs 4,974.2 crore in FY22.
“Our 61 per cent YoY income progress for FY2023 was pushed by funds monetisation and rising scale of our mortgage distribution enterprise,” the corporate mentioned in an announcement.
The company said that during the second half of this year, it achieved operational profitability (EBITDA before ESOP) and added “we believe we can continue our growth momentum and improve our profitability further”.
“We have made vital investments in direction of gross sales manpower, enchancment of expertise platform, advertising spends and many others., which can assist us carry this momentum,” the company said.
It said that the 51 per cent YoY revenue growth in Q4FY23, was driven by increase in GMV, higher merchant subscription revenues, and growth of loans distributed through its platform.
“As we step into the new fiscal year of 2024, we are excited by the long-term potential for revenue growth and profitability across payment and lending businesses. The growth of UPI and other mobile payment methods presents a wealth of untapped opportunities,” it mentioned.
The firm mentioned it’s ready to capitalise on these alternatives by bringing progressive merchandise to its clients.
“Since the launch of our UPI Lite platform February 2023, we’ve got already onboarded 55 lakh clients. NPCI’s pockets interoperability tips will enable Full KYC Paytm Wallet to be universally acceptable on all UPI QRs and on-line retailers,” it said.
The company said it believes India has potential of at least 10 crore merchants and more than 50 crore payment users in the near future.
“Considering this large scale of opportunity, and our ability to monetise our customer base, we will continue to invest in consumer marketing and expand merchant acquiring sales teams,” it mentioned.
The firm asserted that its cost enterprise continues to scale led by improve in GMV, and better subscription income.
“In This autumn FY 2023, funds income grew by 41% YoY to Rs 1,467 crore. Including present quarter’s UPI incentive solely, cost income grew 28 per cent YoY,” it added.
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