Paytm Q1FY24: Consolidated net losses decline by 44.5% y-o-y but widen sequentially

NEW DELHI: One 97 Communications which owns finetch major Paytm reported a 44.5% year-on-year decline in consolidated net losses in the June quarter to Rs 358.4 crore. Net losses stood at Rs 645.4 crore in the year ago quarter. Revenue from operations during the quarter increased to Rs 2,341.6 crore from Rs 1,679.6 crore posted in the year-ago quarter, recording a y-o-y rise of nearly 40%.

Sequentially, though, losses have increased. In the March quarter, Paytm had reported losses of Rs 167.5 crore.

“Driven by an increase in merchant subscription revenue, jump in GMV (gross merchandise value), and growth in loan disbursements, the company’s strong growth momentum continues, Paytm said in a statement.