In its first financial results since listing, One97 Communications Limited, operator of the Paytm brand, said that revenue from operations has increased 1090 crores for the financial quarter ending September this year.
This is a 64% increase since the second quarter (Q2) ended September, the previous financial year (FY’21), the company said as a part of its latest disclosures on Indian exchanges.
For Paytm, net loss also increased marginally from Q2 FY’21 to . 436.7 crore in 473.5 crore in the second quarter of FY22 ended September this year.
“Revenue from payments and financial services grew 69% year-on-year (YoY)” 8,426 million ( 842 crore), driven by 52% growth in non-UPI payment volume (GMV) and over 3x growth from financial services and other revenues. Revenue from paid services to customers grew 54% year-on-year 3,536 million, driven by an increase in non-UPI payment usage on our consumer platform,” said the company’s filing on Saturday.
“Revenue from commerce at 838 million 69% YoY with continued post-Covid recovery in travel and entertainment ticketing businesses. Cloud revenue increased 37% annually to 1,600 million, mainly on account of strong growth in advertising revenues,” Paytm said.
Indirect expenses also increased for the company in the quarter ended September as it continued to focus on growth.
Marketing spend for the company increased by almost 40% 102.3 crores in Q2 FY’22 as compared to 62.3 crores in Q2 FY’21.
Overall indirect expense for the company was 686.3 crore in the latest quarter ended September this year.
“Growth of non-UPI GMV has driven continued payments revenue growth, and our UPI-led payment volume growth is turning into a significant ramp up of our financial services offering. Paytm has witnessed strong positions in Q2 FY22 which is a testimony to the strong two-way ecosystem of consumers and merchants that we have built. We have maintained the growth momentum in our payments services business, aggressively expanding our financial services business and are on our way to pre-COVID volumes for commerce and cloud services,” the company said. Said as a part of the revelations on Saturday.
Earlier in November, One97 Communications Ltd said it had reported gross gross trading value (GMV) of 832 billion (about $11.2 billion) in the month of October 2021.
Total GMV for One97 Communications also increased 1956 billion during the quarter ended 30 September 2021, an increase of 107% from the previous financial quarter ending June 2021.
The company said in an earlier filing that the average monthly active users for the quarter ended September 30 this year stood at 57 million.
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