Paytm Q3 consolidated loss narrows to Rs 392 cr

Digital financial services firm One97 Communications on Friday said it has narrowed its consolidated net loss to Rs 392 crore in the third quarter ended December 2022. The company had posted a net loss of Rs 778.4 crore in the same period a year ago. Its revenue from operations jumped about 42 per cent to Rs 2,062.2 crore during the quarter from Rs 1,456.1 crore in the year-ago period. Paytm founder and CEO Vijay Shekhar Sharma said the company during the reported quarter has achieved its target for operational profit, excluding ESOP cost. ”I wrote to you on April 6, 2022, and set a target for EBITDA before ESOP cost breakeven by the September 2023 quarter. ”I am very happy to share that our company has achieved this milestone of EBITDA before ESOP cost profitability in the December 2022 quarter itself. This is three quarters ahead of our guidance,” Sharma said. Shares of the company closed 3.83 per cent down at Rs 524.9 apiece on BSE. The financial result of the company came after market hours.