Paytm's fourth-quarter loss widens to Rs 550 crore, RBI ban on trading

Paytm News: One97 Communication, the fintech company that runs Paytm, saw its revenue rise to Rs 550 crore in the fourth quarter of the fiscal year due to the Reserve Bank of India (RBI) ban on UPI transactions and Paytm Payment Bank Limited (PPBL). Year 2023-24. However, its loss in the fourth quarter of last year was Rs 167.5 crore. Paytm is owned by One97 Communication. Our results for the fourth quarter of fiscal 2023-24 were impacted by persistent disruptions caused by the ban on UPI transactions and PPBL, which saw Paytm's revenue decline by three percent. Paytm reported revenue of Rs 2,267 crore, down three per cent year-on-year. Our profit contribution is 57 percent including UPI incentives and 51 percent excluding UPI incentives. On March 15, 2024, the Reserve Bank of India (RBI) banned Paytm Payments Bank Limited (PPBL) from March 15, keeping in mind the welfare of customers including merchants, allowing any customer's account, wallet and remittance and credit transactions. Acceptance of fastac or top-ups is prohibited. During the fourth quarter, the company said it had written off an investment of Rs 227 crore for a 39 per cent stake in PPPL. Paytm's founder and chief executive officer (CEO) Vijay Shekhar Sharma holds 51 per cent stake in PPBL. Revenues have been affected, with income from operations falling 2.8 percent to Rs 2,464.6 crore in the fourth quarter, compared to Rs. year. At the same time, the company's loss for FY 2023-24 narrowed to Rs 1,422.4 crore. The loss for FY 2022-23 is Rs 1,776.5 crore. Paytm's annual revenue has grown by around 25 percent to Rs 9,978 crore in 2022-23 from Rs 7,990.3 crore. Tata's miracle: The company fears that the real impact of electric vehicles driving the grid through electric charging will be visible in the June 2025 quarter. We expect revenues of Rs 1,500-1,600 crore in the first quarter of FY 2024-25, the statement said. Meanwhile, Ripunjay Kaur, chief business officer of offline payments, has been named as the senior executive officer of the company. Paytm's fourth quarter loss widens to Rs 550 crore, impact on business PM Modi praises Zomato CEO's speech, Prabhat Khabar.