Paytm at near six-month high by over 6% as quarterly revenue surges

Shares of Indian digital payments firm Paytm jumped more than 6% on Monday to their highest levels in nearly six months, after the company’s parent firm One 97 Communications Ltd posted an 89% surge in its quarterly revenue.

Higher number of monthly users, additional payment devices and more disbursal of loans lifted the company’s revenue to 16.8 billion rupees ($211.16 million), from 8.91 billion rupees last year.

Investors appeared to show scant response to the company’s wider loss of 6.44 billion rupees posted in its quarterly update after market close on Friday.

Paytm, which competes with Google’s payment app and Walmart Inc’s PhonePe in India’s digital payments market, said it is on track to achieve operational profitability by September 2023.