Paytm parent Q4 net loss widens to ₹550 crore

One97 Communications Ltd., parent of Paytm, reports widened losses in Q4, but annual revenue increases and focus shifts to governance.

Paytm parent One97 Communications Ltd. reported consolidated net loss for the quarter ended March widened to ₹550 crore from ₹168 crore in the year-earlier period.

  Revenue from operations dipped 3% to ₹2,267 crore from ₹2,334 crore on account of temporary disruptions in business operations.  

Vijay Shekhar Sharma, founder & CEO, One97 Communications, addressing analysts, said, “In this quarter, we might have two months of impact on the business, still our annual performance is better than last year. We remain committed to grow sustainably, focus on profits, and focus on the core of the business which is payments.” 

For FY24, net loss shrank to ₹1,417 crore from ₹1,775 crore. Annual revenue from operations increased to ₹9,977.8 crore from ₹7,990.3 crore.

 Mr. Sharma said, that, moving ahead, the company’s focus would be on governance with new independent board members in group entities as well as subsidiaries onboarded.  This comes after regulatory action was initiated against Paytm Payments Bank Ltd. by the Reserve Bank of India earlier this year.