Paytm jumps ~4% on posting stellar performance in July

4 Aug 2023 , 01:50 PM

One 97 Communications, which operates the payments platform Paytm, witnessed a 4.5% jump in its shares to Rs 799.45 on Friday on the NSE after the company reported that its GMV increased 39% year-on-year in July. Further, the average monthly transacting customers increased 19% y-o-y.

At around 1.45 PM, Paytm was trading 3.02% higher at Rs 790.75, against the previous close of Rs 767.60 on NSE.

Paytm said in an exchange filing that merchant payment volumes (GMV) for the month of July 2023 were Rs 1.47 lakh crore ($17.9 billion), a 39% increase year-on-year.

‘We continue to be closely associated with our partners to ensure that loans distributed through us have superior credit quality. Our credit disbursement growth will be deliberately calibrated over the next quarter or two to ensure that the portfolio performance of our lending partners improves despite economic uncertainties,’ Paytm stated.

Its loan distribution business increased 148% year-on-year during the month, totalling Rs 5,194 crore ($632 million). The number of loans disbursed on the Paytm platform in July was 43 lakh, a 46% increase over the previous year.

Meanwhile, average monthly transacting users (MTU) were 9.3 crores in July, up 19% year on year, demonstrating ongoing client base increase, said the company.

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