Paytm, a pioneer of mobile payments has announced its Q3FY24 results showcasing a strong revenue growth of 38% YoY to ₹2,850 crore. The company continues its trend of consistent profitability improvement with EBITDA before ESOP increasing by ₹188 Cr YoY to ₹219 Cr.
The fintech giant’s revenue growth was mainly due to increase in GMV, higher payment device addition, and growth of financial services business. Noteworthy highlights from the earnings release include improvement in PAT by ₹170 crore YoY to (₹222) crore. Paytm’s revenue from its core payments business increased 45% YoY to ₹1,730 crore while net payment margin surged by 63% YoY to ₹748 crore. The financial services and other revenue grew by 36% YoY to ₹607 crore, and marketing services revenue saw a 22% YoY increase to ₹514 crore.
As of December 2023, the number of merchants subscribing to Paytm’s payment devices reached 1.06 crore, marking YoY increase of 49 lakh. The company’s Average Monthly Transacting Users (MTU) grew by 18% YoY to 10 crore and its GMV grew 47% YoY to ₹5.10 lakh crore in Q3FY24. The company remains a preferred choice for customers, offering comprehensive payment options, including UPI, Wallet, Postpaid, and Cards.
In the financial services domain, Paytm distributed loans worth ₹15,535 crore, reflecting YoY growth of 56%. With the expansion of net payments margin and loan distribution, Paytm’s contribution profit surged by 45% YoY, totaling ₹1,520 crore.
Additionally, Paytm announced a ₹100 crore investment in Gujarat International Finance Tec-City (GIFT City) to establish a global financial ecosystem. Leveraging its expertise in real-time payments, the company aims to streamline cross-border remittances with efficient, AI-powered solutions.
