One 97 Communications, the mum or dad firm of India’s main digital funds platform Paytm, reported a widening of its consolidated web loss to $66.1 million within the quarter ending March, in comparison with a lack of $20.11 million in the identical quarter final 12 months because it grappled with a regulatory clampdown.
For the total fiscal 12 months 2024, Paytm’s consolidated web loss stood at $170 million, down from $213 million in FY23. The Noida-headquartered firm’s income from operations grew 25% year-on-year to $1.19 billion in FY24, although elevated bills throughout cost processing expenses, advertising, worker advantages and software program cloud prices weighed on its backside line.
Its consolidated income from operations fell to $272.three million within the January-March quarter.
A serious blow to Paytm through the quarter was a lack of $27.2 million on impairment of its funding in affiliate firm Paytm Payments Bank Ltd (PPBL). This adopted restrictions imposed by the Reserve Bank of India on PPBL’s operations in January, successfully allowing solely withdrawal of current buyer balances. Paytm subsequently terminated its main enterprise actions with PPBL and totally impaired its funding worth.
It nonetheless had about $513.eight million within the financial institution on the finish of March 31.
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