- The company’s loss has narrowed by 49% YoY with net income at (₹292 Cr), an improvement of ₹280 Cr YoY
NE BUSINESS BUREAU
AHMEDABAD, OCT 22
Paytm, India’s leading payments and financial services company and the pioneer of QR, Soundbox and mobile payments, on Friday announced its Q2FY24 results. The company’s revenue from operations has seen a robust growth of 32% YoY to ₹2,519 Cr and its EBITDA before ESOP has improved by ₹319 Cr YoY to ₹153 Cr. The consistent improvement in profitability is due to strong revenue growth, increasing contribution margin and operating leverage. Paytm’s loss has narrowed by 49% YoY with net income at (₹292 Cr), an improvement of ₹280 Cr YoY.
With an increase of 28% YoY, the payments revenue of the company stood at ₹1,524 Cr while the payments profitability improved with net payment margin expanding 60% YoY to ₹707 Cr. In Q2FY24, Revenue for financial services and others grew 64% YoY to ₹571 Cr, while Commerce & Cloud revenue grew by 12% YoY to ₹423 Cr.
Driven by increase in net payments margin and loan distribution business, Paytm’s contribution profit stood at ₹1,426 Cr, representing a growth of 69% YoY while the contribution margin improved to 57% from 44% a year ago.
The company’s merchant payments volume (GMV) grew 41% YoY to ₹4.5 Lakh Cr in Q2FY24. The merchants paying subscription for devices increased to 92 Lakh as of September 2023, while user engagement on the platform also continued to grow with average Monthly Transacting Users (MTU) of 9.5 Cr, a jump of nearly 19% YoY.
