Paytm stock soars nearly 5% despite its Q4 losses widen to Rs 550 crore

Paytm Share Price: Shares of One97 Communications, the parent company of Paytm, rose by nearly five per cent on BSE on Wednesday (May 22, 2024) despite the fintech firm's losses widening in its fourth-quarter (January-March quarter) results.

The stock that closed at Rs 351.75 on Tuesday soared by 4.99 per cent to Wednesday's high of Rs 369.30 after starting the session at Rs 356.90.

Paytm shares closed trading higher by 4.86 per cent, or Rs 17.10, at Rs 368.85 on Wednesday.

Paytm Q4 FY2324 results

Paytm's losses Q4 losses widened to Rs 550 crore, according to the company's regulatory filing on Wednesday.

It had posted a loss of Rs 167.5 crore in the same period a year ago.

The revenue from operations of Paytm declined 2.8 per cent to Rs 2,267.1 during the reported quarter from Rs 2,464.6 crore in the corresponding quarter of the financial year 2023.

For the year ended March 31, 2024, the company's loss narrowed to Rs 1,422.4 crore. Paytm had recorded a loss of Rs 1,776.5 crore in FY23.

The annual revenue of Paytm increased by about 25 per cent to Rs 9,978 crore for FY24 from Rs 7,990.3 crore in FY23.

The Reserve Bank of India barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.

Paytm had estimated a Rs 300-500 crore loss due to the RBI's restriction on PPBL.

(With inputs from PTI)