Jobaaj Stories
Shares of One 97 Communications Ltd, the parent behind the famous online wallet operator Paytm, have been trading well today as investors cheered the company's revenue growth and decline in losses.
For the quarter ended in March 2023, the company's revenues came in at Rs 2,335 crores, up 52% YoY as Payments and Financial Services continued to be the company's highest contributing sector. The company turned EBITDA positive as the same (before ESOP) stood at Rs 234 crores with a margin of 10%. The company's net loss declined sharply during the quarter. It stood at Rs 167.5 crores, down 78% YoY.
For FY23, revenues grew 61% to Rs 7,991 crores as revenues from its Payments and Financial Services segment grew 66% and accounted for almost 80% of total revenues. Revenues from its Commerce and Cloud segment showed robust growth as they grew 65% and 24% respectively.
For the year, EBITDA (before ESOP) remained negative but the same declined 88% to Rs 176 crores. Gross Merchandise Value of it's Commerce segment grew 40% to Rs 3.6 lakh crores as the number of Total Transactions improved 66% to 835 crores.
Merchant performance improved significantly during the year as the number of registered merchants improved 25% to 3.35 crores. The number of payment devices improved 134% during the year as merchant transactions improved 65%.
Moreover, lending through the platform improved greatly as the number of loans improved 89% to 1.19 crores while the value of such loans jumped a staggering 253% to Rs 12,554 crores. Finally, the company had a loss of Rs 1,776.5 crores at the end of FY23, down 25% an annual basis.
At the time of reporting, the company's shares were trading around Rs 689.60 per share, up 2.8%.
-Aman Agarwal.
Also, Read Quarterly Results of MRF
