The company’s net loss narrowed to Rs 392.1 crore from Rs 778.5 crore last year.
Paytm reported a positive EBITDA before ESOP cost (earnings before interest, taxes, depreciation, amortisation and employee stock option costs) of Rs 31 crore. This metric was negative Rs 393 crore in December quarter last year.
“I wrote to you on April 6, 2022, and set a target for EBITDA before ESOP cost breakeven by the September 2023 quarter. I am very happy to share that our company has achieved this milestone of EBITDA before ESOP cost profitability in the December 2022 quarter itself. This is three quarters ahead of our guidance,” Paytm founder and CEO Vijay Shekhar Sharma wrote in a letter to the shareholders.
The company said its net payment margin grew to Rs 459 crore, up 120% year-on-year on the back of improved profitability in the payments business.
The value of Paytm’s loan disbursals rose 357% on-year during the December quarter at Rs 9,958 crore. The Noida-based fintech company’s revenues from financial services also jumped more than three times to Rs 446 crore from Rs 125 crore last year.
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On Friday, the company’s non executive non independent director Douglas Feagin, Ant Group’s nominee, resigned. Ant Group holds almost 25% stake in One 97 Communications. The company, which is in the midst of a share buyback, said that as of December 31, it had Rs 8,957 crore outstanding as cash balances.
“During the last quarter, we purchased 1.5 million shares and utilised Rs 68 crore of cash. Since the end of the December quarter, we have purchased 13.1 million shares and utilised Rs 728 crore of cash. In total till February 3, 2023, we have purchased 14.67 million shares and utilised Rs 796 crore of cash, at an average price of Rs 543 per share,” it added.
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