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Paytm's revenue rises 52% to Rs 2,335 crore in Q4, loss narrows to Rs 168 crore

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Paytm had achieved its operating profitability milestone in the third quarter, well ahead of its September 2024 guidance.

Paytm's revenue rose 52 percent to Rs 2,335 crore in the March quarter (Q4) while loss narrowed to Rs 168 crore from Rs 763 crore in the year-ago period.

The company’s payments services revenue grew by 41 percent YoY to Rs 1,467 crore in Q4FY23. Excluding prior quarters’ UPI incentive from the government, payments revenue grew 28 percent YoY.

The company said that it has improved its payments segment profitability with Q4FY23 net payment margin expanding 158 percent YoY to Rs 687 crore while the net payments margin was Rs 554 crore, up 107 percent YoY after excluding the previous quarters’ UPI incentive. In FY23, the company’s net payments margin grew 2.9X to Rs 1,970 crore.

Paytm’s gross merchandise value (GMV) increased 40 percent YoY at Rs 3.62 lakh crore in Q4 FY 2023. With a focus on creating additional payment monetisation, the company’s subscription revenues continue to grow with 68 lakh merchants paying for device subscriptions as of March 2023, almost doubling its growth YoY from 29 lakh as of March 2022.

Paytm’s credit distribution business, in partnership with multiple lenders, has grown to 1.2 crore (up 82 percent YoY) loans while the total value of loans amounted to Rs 12,554 crore, registering a growth of 253 percent YoY.

As of March 2023, 95 lakh borrowers have taken a loan through the platform. For FY23, the total number of loans disbursed grew 163 percent YoY to 4 crore loans amounting to Rs 35,378 crore, surging 357 percent YoY.

Its contribution margin stood at 55 percent, driven by continued improvement in payments profitability and an increasing mix of high-margin businesses like credit distribution.

Contribution profit improved from 30 percent in FY22 to 49 percent in FY23 of revenue to Rs 3,895 crore, up 160 percent YoY. Excluding prior quarters’ UPI incentives, the like-for-like margin increased to 52 percent from 35 percent in Q4FY22.

The user engagement on the platform continued to grow with average Monthly Transacting Users (MTU) for Q4FY23 increasing by 27 percent YoY to 9 crore.

Paytm achieved its operating profitability (in adjusted EBITDA terms) milestone in the third quarter, well ahead of its September 2024 guidance. The company achieved operating profitability on account of the increased pace of monetisation, better cost management, and higher operating leverage. In Q4, its EBITDA before ESOP costs, excluding UPI incentives, rose to Rs 101 crore from a loss of Rs 368 crore in Q4FY22.

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