Revenues of One97 Communications jumped 89% to `1,680 crore for the quarter ended June 30, driven by strong monetisation in payments, device subscriptions and accelerated lending.
The EBITDA loss (before ESOPs) reduced by `93 crore
Q-o-Q to `275 crore. As a result, the company’s contribution profit grew 197%
Y-o-Y to `726 crore, leading to an increase in contribution margin to 43% of revenues in comparison to 35% in Q4FY22.
The company said it was on track to achieve operating profitability by the September 2023 quarter.
Revenue from payments services grew by 69% Y-o-Y (3% Q-o-Q), supported by a rapid growth in user engagement, merchant base, use cases on the Paytm super app and subscription revenue from payment devices. The company’s revenue from financial services grew 393% Y-o-Y during the quarter, led by growth in the loan distribution business.
During the quarter, Paytm disbursed 8.5 million loans, representing a growth of 492% Y-o-Y and 30% Q-o-Q.
The value of loan disbursals during the quarter increased by 779% YoY to 5,554 crore. The company has now reached an annualised run rate of approximately 24,000 crore of loan disbursements through its platform, with higher demand for Paytm Postpaid (BNPL), personal loans and merchant loans.
The company’s user engagement, measured by monthly transacting users (MTU), grew 49% Y-o-Y to 74.8 million during the quarter, while the merchant base expanded 30% to 28.3 million. This has resulted in a 101% Y-o-Y jump in gross merchandise value (GMV), which stood at `2.96 trillion during the quarter.
Paytm has a big share of the offline payments segment, with a total of 3.8 million devices deployed, of which 2.8 million were added in the past 12 months and 0.9 million during the quarter under review.