Paytm Reports First-ever Operating Profit
Premium- Paytm, operated by One97 Communications, reported an earnings before interest, taxes, depreciation and amortization (Ebitda) without accounting for employee-stock option costs
NEW DELHI :
India’s second biggest fintech firm Paytm reported its first-ever adjusted Ebitda profitability in the quarter-ended December 2022, three-quarters ahead of its guidance.
Paytm, operated by One97 Communications, reported an earnings before interest, taxes, depreciation and amortization (Ebitda) without accounting for employee-stock option costs, of ₹31 crore over a revenue of operations of ₹2,062 crore in the third quarter of financial year 2023.
“This has been made possible due to the relentlessly focused execution by our team. The team was asked to focus on growth with quality revenues that contribute to the bottom line," said Vijay Shekhar Sharma, chief executive of Paytm, in an exchange filing.
The digital services firm over the last has been under pressure to minimise its cash burn and achieve profitability. Amid potential competitors and macroeconomic environment, the company’s stock over the last few months has been under pressure, taking a hit of about 35% in the last six months.
Last month, Alibaba had sold a partial stake in the bear-hit fintech stock at a discount of about 7% in open market operations.
Its stock has plunged by more than 66% on the National Stock Exchange to ₹529.90 amid a tough macro environment. Alibaba.Com Singapore E-Commerce Pvt Ltd holds a 6.26% stake in the firm as of December 2022.
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