Paytm parent company One97 Communications on Wednesday said it posted a reduction in revenue and its consolidated net loss widened in the March quarter.
Paytm's consolidated net loss widened to Rs 549.60 crore in the fourth March from Rs 219.8 crore in the quarter ended December. The consolidated net loss in the March 2023 quarter was Rs 168.9 crore.
The revenue from operations witnessed a 3 per cent Year-on-Year slump to Rs 2,267.1 crore against Rs 2,334.5 crore in the same quarter of the previous year.
For FY24, the fintech firm's loss narrowed to Rs 1,422.4 crore as the loss in FY23 was Rs 1,776.5 crore. The annual revenue spiked by 25 per cent to Rs 9,9978 crore for the year ended March from Rs 7,990.3 crore in the year before.
The results come in the backdrop of RBI barring the firm's banking arm Paytm Payments Bank Limited (PPBL) from accepting deposits or other transactions in accounts, wallets and Fastags earlier this year. The fintech company earlier said it suffered a Rs 300-500 crore loss due to the curbs by the central bank.
