Paytm manages to stall Loss! Reports revenue of 2,267 crore in Q4 FY24

By Team Startupcity  |  Wednesday, 22 May 2024, 12:28 IST

Paytm manages to stall Loss! Reports revenue of Rs. 2,267 crore in Q4 FY24
The Parent company of Paytm, One97 Communication Private Limited announced its financial returns & results for the financial year ending March 2024. Regardless the closure of PPBL services, the fintech company sustained to see any substantial decline in its revenue during the fourth quarter. 
In the month of January, Reserve Bank of India had executed restrictions on Paytm owing to the concerns related to regulatory compliances. Though, later RBI approved temporary relaxation to the company which also received approval from NPCI to contribute in UPI via TPAP – Third- party application provider through the multibank model. 
Paytm’s revenue from operations decreased a mere 3% to Rs 2,267 crore in Q4 FY24 from Rs 2,334 crore in Q4 FY23, as per the firm’s earning release published on the Bombay Stock Exchange (BSE).
On the basis of Y-o-Y, the overall operating revenue of the fintech firm in the financial year 2024 grew 25 percent to 9,978 crore from 7,990 crore in FY23. 
In the meantime, Paytm is undergoing a discussions with NPCI for the approval of signing up new UPI customers for its TPAP app. 
In the fourth quarter of FY24, Paytm had dropped the marketing expenditure as it stopped most of the user expansion expenditure in the months of March & February. 
The fintech company demanded to enhance its charging structure by harnessing AI proficiencies & dipping the costs for employees & marketing which will aid to save nearly 400-500 crore per annum for the company. 

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