Paytm gains on good operating performance

One 97 Communications (Paytm) rose 1.21% to Rs 717.15 after the company said its lending business witnesses a 246% year on year (YoY) growth during the two months ending August 2022.

The number of loans disbursed through the company's platform zoomed 246% YoY to 6 million loans in two months ending August 2022, while the value of loans disbursed grew 484% YoY to Rs 4,517 crore ($568 million).

The company said that it continues to work with its partners to review the evolving macro environment and accordingly moderation may be expected in firm's growth. The company continues to see ample growth and upsell opportunities in this business and focusing on the quality of the book, it added.

The total merchant gross merchandise value (GMV) processed through the platform for the two months ended August 2022 aggregated to Rs 2.10 lakh crore ($26 billion), marking a YoY growth of 72%.

The Paytm Super App continues to see heightened consumer engagement for the company's comprehensive payment offerings. The company continues to drive user engagement, with the average MTU for the two months ended August 2022 at 78.8 million, registering a growth of 40% YoY.

The firm said it continues to strengthen its leadership in offline payments, with deployment of 4.5 million devices at merchant stores across the country. With its subscription as a service model, the strong adoption of devices, drives higher payment volumes, subscription revenues as well as merchant loan distribution.

Paytm is India's payment super app offering consumers and merchants a comprehensive payment services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

One97 Communications' consolidated loss widened to Rs 644.40 crore in Q1 FY23 from net loss of Rs 380.20 crore a year ago. Revenue surged 89% to Rs 1,680 crore in Q1 FY23 over Q1 FY22.

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