In its first-ever quarterly report after being listed, fintech app Paytm reported a 64 per cent rise in revenues in the September-end quarter at Rs 1,086.4 crore. However, the company incurred a loss of Rs 473.5 crore during the same period. Consolidated revenues from payment and financial services rose 69 per cent on a year-over-year basis to Rs 842.6 crore, revenues from commerce and cloud spiked 47 per cent to Rs 243.8 crore.
The company attributed the rise in revenues from payment and financial services to the 52 per cent growth observed in non-UPI payment volumes and growth from financial services registering more than three times growth.
It added that contribution profit rose nearly seven times to reach Rs 260 crore in the September-end quarter.
We have maintained the growth momentum in our payments services business, expanded our financial services business aggressively and are on our way to pre-COVID volumes for Commerce and Cloud services," the company's management stated.
Supposed to be the country's biggest IPO with a size worth Rs 18,300 crore, it debuted on the indices at a 9 per cent discount on November 18. The stock closed at a price of Rs 1,560 on the BSE, 27.40 per cent below the offer price. Out of the total issue, the fresh issue was worth Rs 8,300 crore and the offer for sale was for Rs 10,000 crore.
The company managed to breach a total market capitalisation of Rs 1.01 lakh crore.
Following the unimpressive listing, Paytm founder Vijay Shekhar Sharma had said that a single day's loss is not equivalent to the whole picture. He was speaking to an English news channel NDTV after the company's debut on bourses today. He said this is the first time in history that Indians are creating technology for Indians which has the potential to be further exported. He said the company would now have to do a better job in explaining the model.
On Friday, Paytm's stock closed 0.86 per cent lower at Rs 1,781.15 on the BSE.
