According to regulatory documents, One97 Communications Ltd, which runs Paytm, saw its losses narrow to Rs. 2,942.36 crores in the financial year ended in March 2020.
According to a Registrar of Companies filing shared by market intelligence firm Tofler, the company posted a consolidated loss of Rs. 4,217.2 crores for FY19.
For the fiscal year ended March 2020, Paytm, which competes with players such as Flipkart’s PhonePe and Google Pay, clocked a 1.3 percent increase in consolidated total revenue to Rs. 3,628.85 crores as opposed to Rs. 3,579.67 crores for the financial year ended March 2019.
Paytm shared its September release, when the company said its revenue for 2019-20 rose to 3,629 crores with a 40 percent decrease in losses. However, at that time, it had not shared the amount of loss recorded in 2019-20.
On a stand-alone basis, according to the regulatory document, the overall revenue of the company was Rs. 3,350.59 crores in 2019-20 as opposed to Rs. 3,391.61 crores in the previous financial year.
However, on a standalone basis, Paytm managed to lower losses from ⁇ 3,959.64 crores in 2018-19 to Rs. 2,833.18 crores in 2019-20.
In its filing, Paytm noted that Covid-19 continues to spread across the globe and India and that both local and global economic activities have been affected.
The organisation has taken into account the potential impact of Covid-19 on the carrying number of receivables, investments, goodwill, etc.’
“While making the assessment the company has taken cognizance of internal and external information up to the date of approval of Financial Statements,” it said.
“However, the impact assessment of Covid-19 is a continuing process given the uncertainties associated with its nature and duration, and it will continue to monitor any material changes to the future economic conditions,” it added.
Recently, the banking section of Paytm was praised by NPCI. PPBL has the lowest technical decline rate of 0.02 percent among all UPI remittance banks and 0.04 percent among all UPI beneficiary banks, according to the latest report by the National Payments Corporation of India (NPCI).
Though UPI transactions for other banks are mostly powered by third-party applications, PPBL is the only bank in the country that drives UPI transactions from the ecosystem of Paytm organically. On its website, PPBL already has more than 100 million UPI handles and is driving the growth of UPI payments at offline retail stores and even large retailers.
