Paytm’s consolidated losses increase nearly 69% on-year to Rs 645.5 crore

The fintech company Paytm reported consolidated losses for the first quarter of its fiscal year that increased by roughly 69 percent year over year to Rs 645.5 crore from a loss of Rs 381.9 crore. One 97 Communications Ltd, the parent company of Paytm, announced that losses decreased to Rs 15 reduced consecutive losses from Rs 762.5 crore in the quarter ended March 31, 2022.

For the April through June quarter, total revenue increased 88 percent year over year to Rs 1,781.6 crore. During the same period the previous year, it was Rs 948 crore. However, compared to Rs 1,648.4 crore in the fourth quarter of the prior fiscal year, revenue increased by 8% on a sequential basis. For the quarter ended June 30, operating revenue grew to Rs 1,679.6 crore.

The largest cost categories for the business continued to be payment processing fees and employee benefit costs. For the first quarter, total expenses sequentially increased to Rs 2,416.2 crore. One97 said that their payments revenue climbed 69 percent annually and 3 percent sequentially. This was ascribed by the company to ongoing increases in subscription income brought on by the expansion of its device business and an increase in bill payment use cases.

8 million during the June quarter, while its merchant base grew to 28.5 million, totaling Rs 5,554 crore, in the June quarter. Paytm’s founder and CEO, Vijay Shekhar Sharma, wrote to shareholders last month to inform them of the company’s plans to narrow its focus on payments and the distribution of lending products to meet its September 2019 operating profit target. One97 reported a consolidated loss of Rs 2,396. 4 crore for the fiscal year that ended on March 31 as opposed to a loss of Rs 1,701 crore the previous year.