NEW DELHI: One 97 Communications running fintech major Pay reported a 49% year-on-year decline in consolidated net losses in the September quarter to Rs 291.7 crore.
Net losses stood at Rs 571.5 crore in the year-ago quarter. Operating revenue rose to Rs 2,518.6 crore during the quarter, compared to Rs 1,914 crore in the same quarter last year, registering a year-on-year increase of almost 32%. Revenue growth was helped by an increase in GMV (gross merchandise value), merchant subscription revenue and growth in loans distributed through the platform.
“For the second quarter of 2024, we continued our momentum despite pushing some revenue into the third quarter. In this fiscal year, online holiday sales will be recorded in the third quarter, while in the previous fiscal year this was largely recorded in the second quarter,” the company said in a statement on Friday.
With more and more people making mobile payments, Paytm’s average monthly transactions grew 19% year-on-year to 9.5 crore during the quarter. “With 33% YoY growth in Paytm App GMV and 32% YoY growth in Paytm App transaction volume, consumer engagement with the Paytm App remains strong,” the company added adding that the Rupay credit card on UPI rail is well accepted by consumers who are willing to link Rupay credit cards to their payment apps. “We believe that over an extended period of time this has the potential to become a decent revenue stream for UPI payments,” the company said.
Paytm’s revenues from the payments sector rose 28% year-on-year to Rs 1,524 crore during the quarter. “We continue to see consistent improvement in profitability driven by strong revenue growth, increasing contribution margin and operating leverage. In Q2FY24, our EBITDA before Esop (employee share ownership plan) was Rs 153 crore, compared to (negative) Rs 166 crore in Q2FY23,” the company said.
Net losses stood at Rs 571.5 crore in the year-ago quarter. Operating revenue rose to Rs 2,518.6 crore during the quarter, compared to Rs 1,914 crore in the same quarter last year, registering a year-on-year increase of almost 32%. Revenue growth was helped by an increase in GMV (gross merchandise value), merchant subscription revenue and growth in loans distributed through the platform.
“For the second quarter of 2024, we continued our momentum despite pushing some revenue into the third quarter. In this fiscal year, online holiday sales will be recorded in the third quarter, while in the previous fiscal year this was largely recorded in the second quarter,” the company said in a statement on Friday.
With more and more people making mobile payments, Paytm’s average monthly transactions grew 19% year-on-year to 9.5 crore during the quarter. “With 33% YoY growth in Paytm App GMV and 32% YoY growth in Paytm App transaction volume, consumer engagement with the Paytm App remains strong,” the company added adding that the Rupay credit card on UPI rail is well accepted by consumers who are willing to link Rupay credit cards to their payment apps. “We believe that over an extended period of time this has the potential to become a decent revenue stream for UPI payments,” the company said.
Paytm’s revenues from the payments sector rose 28% year-on-year to Rs 1,524 crore during the quarter. “We continue to see consistent improvement in profitability driven by strong revenue growth, increasing contribution margin and operating leverage. In Q2FY24, our EBITDA before Esop (employee share ownership plan) was Rs 153 crore, compared to (negative) Rs 166 crore in Q2FY23,” the company said.
