Paytm’s reports consolidate a loss of Rs 2,396 crore in FY22, revenue grow up by 65% to Rs 5,264 crore
- ByStartupStory | May 22, 2022
One 97 communication, Indian e-commerce, and fintech company, which operates prominent Online payments brand Paytm has reported a consolidated loss rs.2,396 Cr for the Fiscal year 2022, which is 41% wider than the last year (Rs.1,701 Cr). The consolidated revenue has been raised to 65% of Rs. 5,264.3 Cr in FY 21-22.
In the fourth fiscal quarter, the consolidated loss widened up to Rs.762.5Cr which was Rs.444.4 Crore last year. In the third fiscal quarter, the firm recorded a loss of Rs 778.5 Cr with a revenue of Rs.1,533.4 Cr.
The digital payment firm, which competes with PhonePe, and Google Pay and recorded a 77 percent increase in income from operations to Rs 4,974 crore in FY22, owing to significant development in financial services like loans, Paytm money, insurance, and other services such as fastag sales.
In terms of operations, the loss before interest, taxes, depreciation, and amortisation (EBITDA) for FY22 before ESOP charges fell to 1,518 crores from 1,655 crores in FY21. However, the business is confident that it will achieve operating breakeven by the third quarter of 2023.
“We anticipate we will attain operating breakeven (i.e. EBITDA before ESOP expense) by September 2023, as indicated in April 2022. This will be fueled by ongoing revenue growth and expense containment as operating leverage comes in,” One97 Communications stated in a late Friday stock market filing. Paytm’s consolidated net loss increased to 762.5 crores in the January-March quarter of 2022, compared to 444.4 crores in the previous fiscal’s similar quarter.
Founded in 2000, Because of the pandemic, One97 Communications’ sales dropped about 11% in FY21. However, in the fiscal year leading up to its first public offering, its loss had shrunk by 42%.
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