Paytm's Q2 revenue jumps 32% YoY to over Rs. 2,500cr
One97 Communications, the parent company of India's leading fintech giant Paytm, has reported a 32% year-over-year surge in its revenue for the second quarter of the fiscal year 2023-24 (Q2 FY24), reaching Rs. 2,518.6 crore. In the same quarter of the previous fiscal year (Q2 FY23), the company's revenue was at Rs. 1,914 crore. Net loss narrowed down to Rs. 290.05 crore from Rs. 571.1 crore a year ago in the same period.
Payment business revenue up by 28% YoY
The revenue derived from the payments business showed a solid 28% year-on-year growth, amounting to Rs. 1,524 crore. The net payment margin saw a remarkable 60% year-on-year improvement, rising to Rs. 707 crore from Rs. 443 crore. Gross merchandise value (GMV) experienced a major increase of 41% year-on-year, reaching Rs. 4.5 lakh crore.
Merchant subscriptions have soared to 92 lakh
Payment processing margin now resides at the upper end of the 7-9 basis points range, excluding UPI incentives. Merchant subscriptions have soared to 92 lakh as of September 2023, marking a YoY increase of 44 lakh and a QoQ increase of 14 lakh. On October 20, Paytm's stock closed 1.2% higher at Rs. 980.05 on BSE.
