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Paytm's revenue in March quarter down y-o-y by 2.9%

23 May 2024 , 03:48 PM

One 97 Communications Ltd., revealed on May 22 a net loss of ₹550 Crore for the fourth quarter of FY24. This was due to a decline in margins following the RBI’s  ban on Paytm Payments Bank (PPBL), a subsidiary of the company, on January 31.

Compared to the same time previous year, when income from operations was ₹2,334 Crore, the revenue from operations decreased by 2.9% (YoY) to ₹2,267 Crore.

The company experienced a 20% decline in revenue from the prior quarter.

Paytm was able to mitigate some of the effects by reducing its marketing expenditures throughout the quarter, which resulted in a 16% decrease in QoQ to ₹2,691 Crore while maintaining year-over-year stability.

Paytm ended the fiscal year of FY24 with revenue up 25% to ₹9,978 Crore, while losses decreased to ₹1,442 Crore, a 19% decrease from FY23.

“We demonstrated strong revenue momentum (up 25%) and continued our disciplined focus on profitability (EBITDA before ESOP margin up by 8%), in spite of regulatory action on our associate entity PPBL,” it stated.

Paytm said it moved its main payment business from PPBL to other partner banks with success. “This move de-risks our business model and also opens up new opportunities for long-term monetisation,” the business stated.

The company stated that due to the suspension of the PPBL wallet and other payment and lending products, it anticipates a short-term financial effect on its sales and profitability.

Citing worries over non-compliance with regulatory rules, the central bank had requested on January 31, 2024, that PPBL cease providing banking services with effect from March 15, 2024.

Since then, in addition to forming new partnerships with banks for UPI infrastructure and QR codes, which were previously powered by PPBL, Paytm, which powered the majority of its services via the associate entity, has been actively working to communicate with merchants and stakeholders to avoid misinterpretations regarding the impact of the directions on Paytm.

OCL was given permission by NPCI on March 14 to use the multi-bank model of UPI services as a TPAP.

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