New Delhi: Digital financial services firm One97 Communications, which operates under the Paytm brand, on Friday narrowed its consolidated loss to Rs 167.5 crore for the fourth quarter ended March 31, 2023. The company had posted a loss of Rs 762.5 crore in the same period. Last year’s
The company’s consolidated revenue from operations grew 51.5 per cent to Rs 2,334.5 crore in the quarter under review from Rs 1,540.9 crore in the March quarter of FY22. For the year ended March 31, 2023, One97 Communications reported a narrowing of loss to Rs 1,776.5 crore from Rs 2,396.4 crore in the previous fiscal.
The company’s revenue from operations is projected to grow by nearly 60 per cent to Rs 7,990.3 crore in FY23 from Rs 4,974.2 crore in FY22. “Our revenue growth of 61 per cent for FY23 was driven by payments monetization and the increasing scale of our loan disbursement business,” the company said in a statement.
The company said that during the second half of this year, it achieved operating profitability (EBITDA before ESOPs) and added that “we are confident that we can continue our growth momentum and further improve our profitability”. .
“We have made significant investments in sales manpower, technology platform improvements, marketing spends etc., which will help us maintain this momentum,” the company said.
It added that the revenue growth of 51 per cent in Q4FY23 was driven by an increase in GMV, higher merchant subscription revenue and growth in loans disbursed through its platform.
“As we move into the new fiscal year of 2024, we are excited by the long-term potential for revenue growth and profitability in the payments and lending businesses. The growth of UPI and other mobile payment methods presents a wealth of untapped opportunities,” it Said.
The company said that it is ready to take advantage of these opportunities by bringing new products for its customers. “Since the launch of our UPI Lite platform in February 2023, we have already added 55 lakh customers. NPCI’s Wallet Interoperability Guidelines will allow full KYC Paytm Wallet to be universally accepted at all UPI QR and online merchants ” The company said it believes India has the potential to have at least 100 million merchants and over 500 million payments users in the near future.
“Given this massive opportunity, and our ability to monetize our customer base, we will continue to invest in consumer marketing and expand merchant acquiring sales teams,” it said. The company stressed that its payments business continues to grow on the back of an increase in GMV and higher subscription revenue.
“In Q4 FY2023, payments revenue grew by 41% YoY to Rs 1,467 crore. Including the current quarter’s UPI promotion alone, payments revenue grew by 28 per cent,” it added.