Paytm parent One97 cuts losses by 28% to Rs 2,833 crore in FY20

Mumbai: Paytm’s parent One 97 Communications has cut its losses by 28% to Rs 2,833 crore in 2019-20, on the back of curtailed expenses, regulatory filings accessed by ET through business intelligence platform Toffler showed.

The Noida-based One97’s expenses came down by 20% to Rs 5,861 crore in the reporting fiscal against a total expense of Rs 7,254 crore incurred by the fintech giant in FY19, as per the disclosures. At the same time, the company’s revenues fell marginally by 1% to Rs 3,350 crore.

In the reporting fiscal, revenue from operations was at Rs 3,115 crore against Rs 3,049 crore in FY19. Similarly, much of the company’s expenses were categorized under ‘other expenses’ totaling Rs 5,861 crore in the reporting fiscal.