Paytm's losses increased to Rs 840 crore on a consolidated basis in the June quarter, up from Rs 358.4 crore the previous year, as RBI limitations on the company's banking sector impacted sales.
Revenue from operations fell to Rs 1,501.6 crore in April-June from Rs 2,341.6 crore a year earlier, the firm said on Friday. The Noida-based fintech expected the entire impact of the RBI's decision to be reflected in Q1 profits, and the results were broadly in line with forecasts.
"This marks the beginning of the end of difficult times. This quarter represented the full consequence of the circumstance that we found ourselves in, and as a team and organization, we are all entirely dedicated to running it as a full compliance business," Vijay Shekhar Sharma, the fintech's founder and CEO, said in a post-earnings teleconference. He stated that the company is aiming to ensure that it has at least one profitable quarter this fiscal year. "You can expect us to talk about EBITDA breakeven before Esop (employee stock ownership plan) costs and before adding UPI incentives," Mr. Sharma stated.
Paytm's stock, on the other hand, closed at Rs 458 a share on the BSE on Friday, up 3% after management hinted to improved business metrics in the future.
