The company also informed the exchanges reporting this transaction that there will be no change in the management or control of Paytm as Sharma will continue to serve as Managing Director and CEO along with the existing board members. However, there will be no candidate for Antfin on the Paytm board.
For the first quarter ended June 30, 2023, Paytm reported a consolidated net loss of ₹357 crore, compared to a loss of ₹644 crore in the corresponding prior-year period and ₹168 crore in the March quarter (Q4 FY23).
Consolidated revenues from operations increased 39.4% to ₹2,341 crore in the first quarter of FY24 from ₹1,679 crore in the same period last year. However, it was flat compared to ₹2,334 in the fourth quarter of FY23. The year-over-year revenue growth was driven by increases in merchant subscription revenue, as well as increases in gross merchandise value (GMV) and growth in loan disbursements through its platform, Paytm said in a press release.
Contribution margin for the first quarter increased 80% year-on-year and 2% sequentially to ₹1,304 crore. Margin increased 1,248 basis points (bps) year-over-year and 72 bps sequentially to 56%.
On an operational level, EBITDA pre-ESOP improved to ₹84 crore, with a margin of 4%, due to an increase in contribution margin and operational leverage.
During the quarter, the number of loans distributed through the Paytm platform rose to 1.28 crore, a 51% year-on-year increase, while the value of loans distributed rose 167% year-on-year to 14,845 crore.
In the first quarter of fiscal 2024, revenue from financial services and other businesses grew 93% year-on-year to ₹522 crore on last year’s increase in repo rates. Payments revenue increased 31% year-on-year to ₹1,414 crore, led by an increase in GMV and higher subscription revenue. In June 2023, merchant subscriptions amounted to 79 lakh, an increase of 41 lakh year-on-year and 11 lakh quarter-on-quarter.
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