Fintech firm One97 Communications, which operates under the Paytm brand, expects to generate free cash flow by the end of this year, a top company official said on Saturday.
Paytm founder and CEO Vijay Shekhar Sharma, in an earnings
call, said that growth for the company in the June 2023 quarter came on account
of expansion in payments, financial services and commerce business.
"We are on our committed guidelines of becoming free
cash flow positive by the year-end," Sharma said.
Paytm has reported a narrowing of loss to Rs. 358.4 crore in
the first quarter ended June 30, 2023.
The company had posted a loss of Rs. 645.4 crore in the same
period a year ago.
Its revenue from operations increased by 39.4 percent to Rs.
2,341.6 crore during the reported quarter from Rs. 1,679.6 crore in the June
2022 quarter.
The company said its merchant payments volume (GMV) grew 37
percent year-on-year to Rs. 4.05 lakh crore in the April-June quarter of FY
2023-24.
Sharing an update on the RBI's bar on the onboarding of new
customers by Paytm Payments Bank, Sharma said it has submitted a compliance
report to the banking regulator, and the same is under review.
He said that approval from the Reserve Bank of India has
taken longer than it was anticipated but it is expected to come soon.
During the financial year (FY) 2022, the RBI directed the
Paytm Payments Bank (PPBL) to stop the onboarding of new customers with effect
from March 1, 2022.
In FY2023, the apex bank appointed an external auditor to
conduct a comprehensive systems audit of the PPBL.
On October 21, 2022, PPBL received the final report thereof
from the RBI, outlining the need for continued strengthening of IT outsourcing
processes and operational risk management, including KYC etc at the Bank.
0 comments:
Post a Comment