Paytm Q2 losses widen 11 per cent to Rs 481.70 crore
Consolidated losses at One97 Communications, the parent of Paytm, widened 11 per cent to Rs 481.70 crore for the quarter ended September 30 compared with a loss of Rs 435.5 crore a year ago as expenses climbed.
This is the first time that the company is reporting earnings after its dismal listing last week. Paytm, which is backed by China’s Ant Group and Japan’s SoftBank, had posted a loss of Rs 376.6 crore in the quarter ended June 30. The net loss attributable to owners of the company rose to Rs 472.9 crore against losses of Rs 437.4 crore in the same period of the previous year and Rs 380.2 crore on a sequential basis.
This came as total expenses at the fintech firm rose to Rs 1,599.4 crore from Rs 1,166.8 crore in the year ago period — a rise of 37 per cent. During the period, consolidated revenue from operations increased 64 per cent to Rs 1,086.4 crore from Rs 663.9 crore a year ago and Rs 890.8 crore in the April-June quarter.
Of this, the revenues from payments and financial services stood at Rs 842.6 crore — a rise of 69 per cent over Rs 497.8 crore in the July-September 2020 period.
The company said this was driven by 52 per cent growth in non-UPI payment volumes (in terms of gross merchandise value or GMV).