Paytm brass tries to calm shareholders at first AGM

Mumbai: The management of One97 Communications, the parent company of Paytm, sought to assuage shareholder concerns on the path to profitability in its first annual general meeting (AGM) after listing on Friday. Shareholders also raised questions on the company’s valuation after prices tanked over 64% from Rs 2,150 during its IPO in November 2021.
The company’s AGM, which was the 22nd overall, had come under focus after three proxy advisory firms called upon investors to oppose the proposal to re-appoint Vijay Shekhar Sharma as the CEO for the next five years. The firms had also advised investors to vote against the resolution on remuneration. Results of the voting were not available at the stock exchanges till the time of going to press.
In the AGM, Paytm founder Sharma told shareholders that the company will achieve ebitda profitability by the first half of the next financial year. Ebitda refers to earnings before interest, taxes, depreciation & amortisation, and is used to determine whether a business is sustainable because of its cash flows.