MUMBAI:
Paytm
’s losses widened to Rs 840 crore in the June
quarter
on a consolidated basis from Rs 358.4 crore in the year-ago period as
RBI
’s restrictions on the company’s banking unit hurt business.
Revenue
from operations declined to Rs 1,501.6 crore in the April-June period from Rs 2,341.6 crore a year ago, the company said on Friday. The Noida-based fintech had been bracing for the full impact of RBI’s action to get reflected in Q1 earnings and results were largely in line with expectations.
“This is the beginning of the end of tough times. This quarter was the full impact of the situation that we got in and as a team & company, we all are committed completely to run it as a fully compliant business,” Vijay Shekhar Sharma, founder and CEO of the fintech, said at a post earnings call. He added that the firm is working to make sure it delivers at least one profitable quarter this financial year. “You can expect us to talk about Ebitda breakeven before Esop (employee stock ownership plan) costs and before adding UPI incentives,” Sharma said.
The share price of Paytm, however, ended higher at Rs 458 apiece on the BSE on Friday — up 3% after the management hinted at improvement of business metrics from here on.
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