We don't influence share price, making efforts to become profitable: Paytm CEO Vijay Shekhar Sharma
The Hindu
Paytm has reported widening of its consolidated loss to ₹644.4 crore for the first quarter ended June 30
Digital payments company One97 Communications Limited, which operates under the Paytm brand, does not influence the price at which its stock trades but the management is making efforts to make the firm profitable, its MD and CEO Vijay Shekhar Sharma has told shareholders.
Speaking at the company’s annual general meeting (AGM), he said till 2018-19, the company was in expansion mode and it entered into the monetisation mode from 2019-20, according to participants who attended the meeting.
Mr. Sharma said as the company has committed earlier, Paytm would post operational profit in the quarter ending September 2023.
"Share price movement is not influenced by us. There are several factors. Company's profitability plays a very important factor in it. Company's growth plays an important role in it but these two are not the only factors for share price.
"Macro, micro, international investors and several other sentiments play a role in share prices," Mr. Sharma said.
Responding to shareholders' questions, he said the management is making efforts to ensure that the company registers growth and earns strong profit for expanding business.
Shareholders of One97 Communications Limited asked the management about the path to profitability and rebounding of share price to the IPO level of ₹2,150. The stock closed at ₹771 on Friday.
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