Digital payments app Paytm’s parent One 97 Communications Ltd, reported a nearly 50% decrease in consolidated loss to Rs 392 crore in the quarter ended December 31, 2022, compared to a loss of Rs 778.5 crore the previous year.
The revenue from operations of the SoftBank-backed firm increased 42% to Rs 2,062 crore in Q3FY23 from Rs 1,456 crore in Q3FY22. Paytm’s stock closed nearly 3% lower on the BSE on Friday, at Rs 530. The company said it exceeded its EBITDA profitability before ESOP costs by three quarters and reported EBITDA before ESOP of Rs 31 crore in Q3FY23. “Paytm is a company that was built from the ground up with a strong belief in Digital India. In ten years, we went from releasing our first app to becoming a verb in India to reaching an operating EBITDA profitability milestone “CEO Vijay Shekhar Sharma stated on Twitter.