Indian digital payments firm Paytm reported a 39% rise in quarterly revenue, helped by soaring demand for loans.
Paytm app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photoreported a 39% rise in quarterly revenue, helped by soaring demand for loans., parent of India's no. 2 digital payments app by market share, reported late Friday that revenue rose 39% year-on-year to 23.42 billion Indian rupees in the three-months ending June 30, from 16.80 billion rupees in the year-earlier period.
Operating profit came in at 840 million rupees, compared with an operating loss of 2.75 billion rupees, while the net loss narrowed to 3.57 billion rupees. Paytm defines operating profit as core profit before cost of employee stock-owning plans. It first reported an operating profit for the final three months of 2022 – nine months ahead of schedule.
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