Net Loss Widens To Rs 778.4 Crore

The net loss of One97 Communications Ltd., the parent of payments platform Paytm, widened in the third quarter.

Net loss stood at Rs 778.4 crore in the quarter ended December, according to its exchange filing. That compares with a net loss of Rs 535.5 crore a year earlier.

Revenue from payment services to merchants stood at Rs 586 crore, up 117% from a year ago. Revenue from payment services to customers rose 60% year-on-year to Rs 406 crore.

Total direct expenses rose 43%. Most of the rise was driven by a 51% year-on-year increase in payments processing charges, which stood at Rs 783.1 crore.

Gross merchandise value rose 123% year-on-year to Rs 2.5 lakh crore.

Paytm’s contribution profit rose 74% sequentially to Rs 453.7 crore. Similarly, profit margin rose to 31.2% from 24% as of September 30.

The company disbursed loans worth Rs 2,181 crore during the quarter, up 73% over the previous quarter.