Paytm Q2 results: Revenue increases by 76%, net loss expands to 571 crore.

One97 Communications, a provider of digital financial services that goes by the Paytm brand, revealed a wider consolidated loss for the three months ending in September 2022 on Monday. In the same time the previous year, the firm reported a net loss of 472.90 crore rupees.

However, it experienced a consecutive narrowing of its net loss. The largest fintech company in India reported a loss of 644.4 crore in the six-month period.

On a year-over-year (Y-o-Y) basis, Paytm's consolidated revenue from operations for the second quarter of the fiscal increased by 76% to 1,914 crore from 1,086 crore. It is 14% more than the $1,679.60 crore in sales from the prior quarter.

According to the firm, the income was driven by a rise in merchant subscription revenues, an increase in bill payments as a result of an increase in MTU, and an increase in loan disbursements made through our platform.

The street anticipated the provider of financial services and digital payments to show a 62.4% YoY increase in revenue and a net loss of Rs. 596 crore.

Financial services and other business revenue was $349 crore, up 293% YoY, and now represents 18% of total revenue (up from 8% in Q2FY22), according to the company. This growth was primarily attributable to sourcing and collecting fees in the loan distribution business.

The platform's ongoing platform expansion across MTU (monthly transaction users), merchant base, subscription merchants, and GMV drove the company's payments services revenue growth of 56% YoY. (gross merchandise value).

The GMV was 3.2 lakh crore in Q2 FY23, up 63% YoY. GMV increased by 8% on a quarter-over-quarter basis, driven by an expansion of the offline merchant base and a rise in GMV from online merchants, particularly e-commerce because of holiday sales.

According to the firm, total loans given in collaboration with lending partners during the quarter were 9.2 million (increased 224% YoY and 8% QoQ) and $7,313 crore (up 482% YoY and 32% QoQ).

The company's stock finished at 652.00, up 0.25% from the previous day's closing price of 649.80.