New Delhi, July 19 (UNI) Digital payment platform Paytm’s parent company One 97 Communications, on Friday reported that its consolidated loss in the June quarter has widened to Rs 907.3 crore in the April-June quarter of FY25 as against Rs 453.2 crore in the corresponding quarter of the previous financial year.
Paytm’s Q1 revenue was down to Rs 1,501.6 crore in Q1 compared to Rs 2341.6 crore in Q1 of FY24, down 36 per cent year-on-year.
Going forward, we expect revenue and profitability to improve, driven by growth in operating parameters such as GMV, an expanding merchant base, recovery in loan distribution business and continued focus on cost optimization, the company said in a regulatory filing with the stock exchanges.
Paytm or One 97 Communications has been in news recently for wrong reasons as the Reserve Bank of India (RBI) had put restrictions on the Fintech firm due to noncompliance of KYC norms as defined by the Central Bank.
As part of our goal to save Rs 400-500 crore annually on employee costs, the company said “we have achieved a 9 percent reduction QoQ. However, excluding employee costs, our indirect costs have increased due to certain one-time expenses. We expect these costs to reduce in the coming quarters. We remain committed to be disciplined around our overall cost structure.”
Paytm is India’s leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Our mission is to serve half a billion Indians and bring them to mainstream of economy with help of technology, it added.
