Paytm Q1 Result: Paytm's loss doubled in June quarter, revenue also saw a big drop
Paytm Q1 Result: Fintech company Paytm has released the results for the first quarter of the current financial year. The company told the stock market that the company's net loss in the June quarter had increased to Rs 840 crore. This has increased compared to the March quarter. Apart from this, the company informed that revenue has also declined in the first quarter.
Paytm's parent company One97 Communications has released the results for the first quarter of the current financial year. The company informed about its first quarter financial performance. The Paytm brand said that the company's net loss in the June quarter has increased to Rs 840 crore.
According to the exchange filing, the company's total loss in the same quarter last year was Rs 358.4 crore.
Along with the net loss, the company's revenue has also declined. In the April-June quarter, the company's revenue fell 33.48 percent to Rs 1,639.1 crore. This was Rs 2,464.2 crore in the same period a year ago.
If we talk about the company's loss, then on an annual basis, the company has suffered a loss of Rs 839 crore. In the first quarter of the current financial year, the company suffered a loss of Rs 550 crore, which has increased by 53 percent on a quarterly basis.
The Reserve Bank of India has imposed a ban on Paytm Payment Bank. A notice released by RBI last January 31 this year stated that after February 29, 2024, money cannot be deposited by the customer in the account of Paytm Payment Bank. Apart from this, users cannot deposit money to wallets, prepaid services, Fastag, and other services under it. However, the deadline before February 29, 2024, was later extended to March 15.
The company's stock rose by about 1 per cent after the quarterly results announcement. Talking of the performance, its stock has fallen by 45.93 per cent in the last one year. At the time of writing this news, Paytm's stock is trading at Rs 455.40 per share with a gain of Rs 10.10.
