Mumbai: 24th July 2023: One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments, today announced its Q1FY24 results. Paytm’s revenue from operations has seen a growth of 39% YoY to ₹2,342 Cr and its EBITDA before ESOP costs grew to ₹84 Cr as compared to ₹52 Cr in Q4FY23 (excluding UPI incentives). On a yearly basis, the company posted a massive improvement of ₹359 Cr in EBITDA before ESOP costs.
Driven by an increase in merchant subscription revenue, jump in GMV, and growth in loan disbursements has led to, the company’s revenue growth momentum continues. Paytm’s EBITDA before ESOP margin stood at 4% of revenues on the account of consistent improvement in profitability due to strong revenue growth, increasing contribution margin and operating leverage. In the stock exchange filing, the company said that it has managed to increase EBITDA while investing for growth and it expects a continued topline growth and operating leverage to drive an increase in profitability despite investments.
In the first quarter of FY24, Paytm’s Payment Services Revenue grew by 31% YoY to ₹1,414 Cr, led by increase in GMV and higher subscription revenue. During the quarter under review, the revenue for financial services and others grew 93% YoY to ₹522 Cr.
The company continues to monetize Paytm app traffic in its Commerce and Cloud segment by providing marketing services to its merchants. In Q1FY24, its Commerce & Cloud revenue grew by 22% YoY to ₹405 Cr. The Commerce GMV grew 10% YoY to ₹2,537 Cr while revenue grew by 12% YoY to ₹156 Cr. Similarly, the Cloud business grew by 29% YoY to ₹249 Cr, on account of growth in credit card distribution and advertising business.
