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| Photo Credit: REUTERS
Fintech firm One97 Communications, which owns the Paytm brand, on May 22 said its loss in the fourth quarter of the financial year 2023-24 has widened to ₹550 crore.
The company had posted a loss of ₹167.5 crore in the same period a year ago, the company said in a regulatory filing.
The revenue from operations of Paytm declined 2.8% to ₹2,267.1 crore during the reported quarter, from ₹2,464.6 crore in the corresponding quarter of the financial year 2023.
For the year ended March 31, 2024, the company’s loss narrowed to ₹1,422.4 crore. Paytm had recorded a loss of ₹1,776.5 crore in FY23.
The annual revenue of Paytm increased by about 25% to ₹9,978 crore for FY24, from ₹7,990.3 crore in FY23.
The Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.
Paytm had estimated a ₹300-500 crore loss due to the RBI’s restriction on PPBL.
