NEW DELHI: One97 Communications, the parent company of fintech firm Paytm, on Friday reported a consolidated loss of Rs 645 crore for the first quarter of FY2023 compared with a loss of Rs 382 crore a year earlier.
Its revenue from operations came in at Rs 1,680 crore in the first quarter, up 89% from the year-ago quarter. Paytm’s revenue growth has dwarfed by its rising expenses, especially payment processing charges. The firm’s direct expenses in the June quarter surged 48% year-on-year to Rs 954 crore while its indirect expenses surged 35% to Rs 11 crore.
The company said it was firmly on path towards achieving operating profitability on better cost leverage. “We have redoubled our focus on driving profitable payments business, across UPI, wallet, cards, and other instruments,” it said.
“Earlier this year, we had shared that we would achieve operating profitability (i.e EBITDA before ESOP cost) by September 2023, driven by better monetization as well as moderating growth in costs.”