Paytm Q4 Results: Net loss reported at Rs 550 crore
The annual revenue of Paytm increased by about 25 percent to Rs 9,978 crore for FY24 from Rs 7,990.3 crore in FY23.
Fintech firm One97 Communications, the parent company of Paytm, reported a significant loss of Rs 550 crore, according to the company's regulatory filing. The company had posted a loss of Rs 167.5 crore in the corresponding period of the previous year.
The revenue from operations of Paytm declined 2.8 percent 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 entire financial year, ending March 31, 2024, the company's loss shrinks to Rs 1,422.4 crore. The fintech firm had recorded a loss of Rs 1,776.5 crore in FY23.
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The annual revenue of Paytm increased by about 25 percent to Rs 9,978 crore for FY24 from Rs 7,990.3 crore in FY23.
Earlier, the Reserve Bank of India had 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.
Due to this, Paytm had estimated a loss of Rs 300-500 crore.
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