Paytm’s loss widens to Rs 550 crore in fourth quarter

Fintech company One97 Communications’ loss increased to Rs 550 crore in the fourth quarter of FY 2023-24. The loss in the same period last year was Rs 167.5 crore. One97 Communications owns the Paytm brand.

Operating income declined 2.8 percent to Rs 2,267.1 crore from Rs 2,464.6 crore in the same period last year, the company said in a stock exchange filing on Wednesday.

The company’s loss for the entire financial year 2023-24 reduced to Rs 1,422.4 crore. The deficit in FY 2022-23 stood at Rs 1,776.5 crore. Paytm’s annual revenue grew by nearly 25 percent to Rs 9,978 crore in 2022-23 from Rs 7,990.3 crore.

Keeping in mind the interest of customers including merchants, the Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups to any customer account, wallet and Fastag from March 15. Is.