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Tuesday, May 21, 2024

One97 Communications' shares increase by 5% as their Q4 loss narrows

One97 Communications, a provider of digital financial services that goes by the Paytm name, saw a nearly 5% increase in its stock price on Monday as the company's consolidated deficit shrunk to Rs 167.5 crore in the third quarter.

On the BSE, the stock finished up 4.95 percent at Rs 723.60 a share. It increased 5.78% during the day to Rs 729.35 a piece.

The company's NSE shares increased 4.98 percent to close at Rs 724 apiece.

The market value of the firm increased by Rs 2,170.67 billion to Rs 45,867.19 billion.

5.96 lakh shares of the company were traded on the BSE in terms of volume, while nearly 1.59 crore shares were traded on the NSE throughout the day.

In the same time the previous year, the firm reported a loss of Rs. 762.5 crore.

From Rs 1,540.9 crore in the March quarter of FY22, the company's consolidated revenue from operations increased by 51.5% to Rs 2,334.5 crore in the quarter under review.

One97 Communications said that its loss decreased from the previous fiscal year's Rs 2,396.4 crore to Rs 1,776.5 crore for the year that ended on March 31, 2023.

In FY23, the company's operating revenue increased by almost 60% from FY22's level of Rs 4,974.2 crore to Rs 7,990.3 crore.

“Our 61 percent YoY revenue growth for FY2023 was driven by payments monetisation and growing scale of our loan distribution business,” the firm said in a statement on Friday.

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