Paytm Q4 Loss Widens to Rs 550 Crore - Business News
May 22, 2024 09:51
Paytm's Q4 FY24 loss widens to Rs 550 crore, with revenue declining by 2.8% year-on-year. The company's annual revenue, however, increased by 25%.
Photograph: Amit Dave/Reuters
New Delhi, May 22 (PTI) Fintech firm One97 Communications, which owns the Paytm brand, has reported a widened loss of Rs 550 crore, according to the company's regulatory filing on Wednesday.
The company had posted a loss of Rs 167.5 crore in the same period a year ago.
The revenue from operations of Paytm declined 2.8 per cent to Rs 2,267.1 during the reported quarter from Rs 2,464.6 crore in the corresponding quarter of the financial year 2023.
For the year ended March 31, 2024, the company's loss narrowed to Rs 1,422.4 crore. Paytm had recorded a loss of Rs 1,776.5 crore in FY23.
The annual revenue of Paytm increased by about 25 per cent to Rs 9,978 crore for FY24 from Rs 7,990.3 crore in FY23.
The Reserve Bank of India barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.
Paytm had estimated a Rs 300-500 crore loss due to the RBI's restriction on PPBL.
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