One 97 Communications Ltd, which owns brand Paytm, on Wednesday reported a consolidated net loss of ₹550.5 crore for the quarter ended March 31, 2024, as against a consolidated net loss of ₹167.5 crore recorded in the same quarter in the previous fiscal. It was also wider than the net loss of ₹221.7 crore reported in the December 2023 quarter, latest filing with the exchanges showed. 

For the quarter under review, consolidated revenue from operations came in at ₹2,267.1 crore, as against ₹2,850 crore recorded in the December 2023 quarter. It was also lower than the revenue of ₹2,334.5 crore recorded in the quarter ended March 31, 2023. 

Revenues for the quarter under review were impacted by temporary disruptions in business operations, Paytm said. 

Full year loss narrows

Meanwhile, for the entire fiscal 2023-24, Paytm’s consolidated net loss narrowed to ₹1,422.4 crore from ₹1,776.5 crore, the exchange filings showed. 

Consolidated revenue from operations surged 25 per cent to ₹9,977.8 crore (₹7,990 crore) in 2023-24. 

The just ended FY23-24 was a landmark year for the company, marking its first full year of profitability since the IPO, with an EBITDA before ESOP at ₹559 crore, up ₹734 crore from the last fiscal. 

Meanwhile, the contribution profit increased 42 per cent to ₹5,538 crore in the fiscal year 2024, led by growth in the net payment margin and higher-margin financial services business. The company’s revenue from payment services grew by 26 per cent YoY to ₹6,235 crore in FY24. While it increased by 7 per cent YoY to ₹1,568 crore in Q4FY24. The overall loan distribution value was up 48 per cent at ₹52,390 crore in FY24.

Paytm’s Gross Merchandise Value (GMV) increased 39 per cent YoY at ₹18.3 lakh crore in FY24. With a focus on creating payment monetisation, the company’s subscription revenues continue to grow, with 1.07 crore merchants paying for device subscriptions as of March 2024, increasing by 58 per cent YoY from 68 lakh as of March 2023.

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