Paytm Surprises Everyone With 76% More Revenues! But Losses Increase To Rs 571 Crore In 90 Days
The digital payments and financial services company Paytm released its earnings results for the September ending quarter, posting a rise in net loss in the period compared to the same quarter last year.
The company’s share prices have been falling since it got listed on the Indian stock market last year, a debut which was highly valued at the time of launch.
Here’s the complete Q2 FY23 earnings results of the mobile wallets major.
Paytm’s Quarterly Earnings Results in Q2 FY23
- Consolidated loss in Q2 rose 20.7% on a YoY basis to Rs 571 crore, compared to Rs 472.9 crore in the same quarter last year.
- This is due to a surge in Paytm’s expenses related to employee benefits and charges of payment processing. However, on a sequential basis, i.e., compared to the last quarter, the company’s net loss in Q2 narrowed.
- The company’s revenue jumped a massive 76% YoY in Q2 to Rs 1,914 crore from Rs 1,086 crore in the year-ago period.
- Sequentially, this revenue surge was lower than the June quarter’s figure as it jumped 88.5% during that time.
- Paytm’s net payments margin climbed 15% sequentially to Rs 443 crore in the Sept quarter.
- The company’s revenue from core business of payments service, i.e., from customers and merchants using the application, along with device subscriptions, surged 55.6% in the quarter under focus to Rs 1,173 crore.
- Paytm’s average monthly transacting users rose by 39% in Q2 compared to the same period last year.
- Paytm disbursed loans worth Rs 7,313 crore in Q2, while its fast-growing financial services business rallied almost four times to Rs 349 crore in the quarter.
According to the company, its topline (or revenue) jumped in the Sept quarter due to a rise in merchant subscription revenues, growth in bill payments due to growing MTU and growth in disbursements of loans through our platform.