Paytm Q4: Net loss Widens To INR 550 Cr

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Fintech major Paytmdatalabs’s net loss has widened over 3X on an year-on-year basis to INR 550.5 Cr in the April quarter (Q4) of the financial year 2023-24 (FY24) from INR 167.5 Cr reported in the year-ago period.

The revenue from operations decreased by 2.9% YoY to INR 2,267.10 Cr, compared to INR 2,334 Cr in the same period last year. This figure also represents a 20% decline from the previous quarter.

“Our Q4 FY 2024 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of PPBL embargo,” the company said in its earnings release.

It is to be noted that this was the first quarterly result of Paytm after the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new users and from offering various services including UPI payments and deposits. RBI cited that the Paytm Payments Bank failed to comply with RBI’s regulations.

Source: INC 42

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Paytm Q4: Net loss Widens To INR 550 Cr

Fintech major Paytmdatalabs’s net loss has widened over 3X on an year-on-year basis to INR 550.5 Cr in the April quarter (Q4) of the financial year 2023-24 (FY24) from INR 167.5 Cr reported in the year-ago period.

The revenue from operations decreased by 2.9% YoY to INR 2,267.10 Cr, compared to INR 2,334 Cr in the same period last year. This figure also represents a 20% decline from the previous quarter.

“Our Q4 FY 2024 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of PPBL embargo,” the company said in its earnings release.

It is to be noted that this was the first quarterly result of Paytm after the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new users and from offering various services including UPI payments and deposits. RBI cited that the Paytm Payments Bank failed to comply with RBI’s regulations.

Source: INC 42

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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