The total consolidated revenues for One97 Communications grew by 65% in FY22 and stood at Rs 5,264.3 crore as compared to Rs 3,186.8 crore in FY21.
Total expenses for the financial services provider for FY22 stood at Rs 7,601.1 crore with payment processing charges and employee benefits expenses contributing to a lion’s share of the company’s total burn, as per the filings with the Indian exchanges.
Total expenses for One97 Communications’ were up 59% in the fiscal which went by, as compared to Rs 4,783 crore in FY21.
One97 Communications’ revenues shrank by almost 11% in FY21 on account of the pandemic, as it cut losses by 42% right before its initial public offering.
In a recent note to shareholders, last month, Paytm founder Vijay Shekhar Sharma said that he expects the company to be
breakeven on an operating basis — or before interest, taxes, depreciation and amortisation — in the next six quarters. This would be excluding the cost on the employee stock ownership plan (Esop).
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Paytm’s results come at a time when One97 Communications’ stock price is trading 73% lower from its IPO price of Rs 2,150 per share.
Shares of Paytm closed at Rs 575.35 apiece, at the end of the day’s trade on Friday.
Earlier in January, this year, Macquarie also cut Paytm’s revenue growth estimates for FY21 to FY26 to 23% on a compounded annual growth rate basis from 26% earlier. The brokerage had said that it was roughly cutting Paytm’s revenue estimates for FY21-FY26 on an average by 10% every year due to lower distribution and commerce and cloud revenues offset partially by higher payment revenues.
Just last week, Paytm informed the exchanges of its operating performance and said that
it disbursed 15.2 million loans in FY22. This was a more than five-fold growth from FY21 when the number of overall loans disbursed on the platform stood at 2.6 million, according to data released by its parent entity One97 Communications on Sunday.
The total value of loans disbursed in FY22 stood at Rs 7,623 crore, according to data released by the company
Paytm offers personal loans, merchant lending and postpaid, its buy-now-pay-later (BNPL) offering through partnerships with financial institutions.
In addition, Paytm also said total gross merchandise value (GMV) processed by the platform stood at Rs 8.52 trillion in FY22, higher than the Rs 4 trillion it clocked in FY21.
By the end of the fourth quarter of FY22, Paytm claims to have 70.9 million monthly transacting users on its platform and has deployed another 900,000 point of sale terminals on the ground, it recently said.
