Jul 19, 2024 11:18 AM IST
Paytm Q1 results: Paytm revenue from operations declined 36 per cent to ₹1,502 crore in Q1FY25 as against ₹2,342 crore in the year-ago period.
One 97 Communications Ltd, Paytm’s parent company, reported its Q1FY25 consolidated net loss widened to ₹839 crore from ₹357 crore a year ago following Reserve Bank of India (RBI) curbs on the fintech firm’s payments bank business. The company’s revenue from operations declined 36 per cent to ₹1,502 crore in Q1FY25 as against ₹2,342 crore in the year-ago period.
The company said in a stock exchange filing, “Going forward, we expect revenue and profitability to improve, driven by growth in operating parameters such as GMV, an expanding merchant base, recovery in loan distribution business and continued focus on cost optimisation.”
The Reserve Bank of India placed restrictions on the firm’s associated entity Paytm Payments Bank Limited (PPBL) in January this year. Earlier, Paytm wrote off ₹227.1 crore worth of investment in PPBL and accounted for it as impairment losses.
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