Paytm’s Significant Strides in Q2 2023
Paytm Share: Leading fintech behemoth, Paytm, has unveiled its financial results for the second quarter of 2023, demonstrating robust performance indicators. The company has successfully managed to curtail its losses and enhance its revenue during this period.
A Diminishing Deficit For the period spanning July to September 2023, Paytm share reported a marked decrease in its losses, bringing them down to ₹290 crores. This showcases significant financial management when juxtaposed against the ₹357 crores reported in the prior quarter. Notably, the loss was as high as ₹571 crores in the same quarter the previous year.
Rising Revenues In operational terms, Paytm’s revenue experienced a commendable ascent. The company’s revenue surged by 32% year-on-year, reaching a total of ₹2,519 crores in the second quarter. In comparison, the revenue was ₹1,914 crores during the equivalent quarter in the previous year. Additionally, Paytm’s EBITDA witnessed a notable leap, amounting to ₹153 crores this quarter, a substantial growth from the ₹84 crores of the preceding quarter.
Payment Business Flourishing Diving deeper into the specific segments, the revenue from Paytm’s payment business soared by 28%, totaling ₹1,524 crores. Moreover, the pure payment value registered a staggering year-on-year growth of 60%, culminating in ₹707 crores. The Gross Merchandise Value (GMV) from the payment segment escalated by 41%, touching the ₹4.5 lakh crore mark. Discussing the loan distribution business, the financial services and other segments reported a 64% growth in revenue, rounding off to ₹571 crores. The unique users availing loans via the Paytm platform have now reached a figure of 1.18 crores.
Stock Performance On the stock market front, Paytm shares have exhibited an upward trend. On the recent Friday, Paytm’s stock closed at ₹987.35 on the BSE, reflecting an increase of 1.93% or ₹18.65. Intriguingly, the stock peaked at ₹998.30 during trading hours, marking its 52-week high.
Second quarter of 2023 has proven to be promising for Paytm. The company’s ability to reduce its losses while simultaneously boosting its revenue highlights its strengthening foothold in the fintech landscape.