Paytm Accounts 25% Rise in Revenue at Rs 9,978 Crore in 2023-24 By CIOTechOutlook Team

Paytm Accounts 25% Rise in Revenue at Rs 9,978 Crore in 2023-24

CIOTechOutlook Team | Wednesday, 22 May 2024, 04:59 IST

One 97 Communications, which owns and operates the well-known fintech firm Paytm, accounted a 25% increase in revenue during the recently concluded fiscal year 2023-2024, totaling Rs 9,978 crore. The organization attributed the development to GMV development, gadget augmentations, and development in the financial services distribution business.

Since its Initial public offering, when the organization opened up to the world, it for the main entire year EBITDA before ESOP benefit of Rs 559 crore, its income results delivered Wednesday showed. Paytm, on the other hand, reported revenue of Rs. 2,267 crore in the January-March quarter, a modest decrease of 3% year-over-year.

"In Q4 FY 2024, we had lower marketing spends, as we paused most of the user growth spending in the month of February and March. We expect to reinvest in these areas in the coming financial year," Paytm informed stock exchanges.

"While we experienced a financial impact in Q4 due to the above disruptions, the full financial impact will be seen in Q1 FY 2025."

Paytm says it is sure of seeing significant improvement beginning from Q2 2024-25, in light of restarting specific stopped items and accomplishing consistent development in working measurements. In Q1 of the ongoing financial, its emphasis will be on getting new merchants, reactivation of idle traders, and redeployment of gadgets from latent vendors to new merchants.

"While there will be a smaller net addition of device merchants in Q1 FY 2025, we expect net additions to improve from thereon and recover to past trendlines by Q3 FY 2025."

Income from financial services and others up 30% to Rs 2,004 crore; worth of credits disseminated was up 48% to Rs 52,390 crore.