Paytm's loss increased to Rs 550 crore in the fourth quarter, the company informed the stock market
Paytm: Operating income declined by 2.8 percent to Rs 2,267.1 crore, compared to Rs 2,464.6 crore in the same period last year, the company said in a stock exchange filing on Wednesday.
Fintech company One97 Communications' loss increased to Rs 550 crore in the fourth quarter of FY 2023-24. The loss in the same period last year was Rs 167.5 crore. One97 Communications owns the Paytm brand.
Operating income declined 2.8 percent to Rs 2,267.1 crore from Rs 2,464.6 crore in the same period last year, the company said in a stock exchange filing on Wednesday.
The company's loss for the full fiscal year 2023–2024 was downsized to INR 1,422.4 crore. In FY 2022–2023, there was a deficit of Rs 1,776.5 crore. Paytm's yearly income increased from Rs 7,990.3 crore in 2022–2023 to Rs 9,978 crore, a nearly 25% increase.
The Reserve Bank of India (RBI) banned Paytm Payments Bank Limited (PPBL) from taking deposits, credit transactions, or top-ups to any customer account, wallet, or Fastag as of March 15 in consideration of the interests of customers, including merchants. As.
Due to the RBI's ban on PPBL, Paytm had projected a loss of Rs 300–500 crore.
