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Digital payments firm Paytm has reported narrowing of consolidated loss to ₹1,704 crore for 2020-21, according to the company’s annual report.
It had posted a loss of ₹2,943.32 crore in financial year 2019-20.
Also read: Set for IPO, Paytm cuts down on losses, diversifies
When contacted, a Paytm spokesperson said: “Despite a significant disruption in the business of our merchant partners due to the ongoing pandemic, especially in the first half of the year, we have had minimal impact on revenues, due to strong recovery in the second half of the year.” This is the second consecutive fiscal year when the company has reported narrowing of losses.
The total revenue of the company declined about 10 per cent to ₹3,186 crore in 2020-21, compared to ₹3,540.77 crore in the previous year.
“Covid-19 continues to spread across the globe and India. This has an impact on all local and global economic activities. Government of India has taken a series of measures to contain the spread of the virus and limit economic impact on corporations and individuals.
“The company has considered the possible effects that may result from Covid-19 on the carrying amount of the receivables, investments, goodwill, etc,” the report said.
The authorised share capital of the company stood at ₹104.1 crore comprising over 10.41 lakh equity shares of ₹10 each.
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