Paytm on right path to profitability, free cash flows: Vijay Shekhar Sharma
The Hindu
New Delhi
Digital financial services firm One97 Communications, owner of Paytm brand, is on the right path to profitability with payments service becoming monetisable, founder and CEO Vijay Shekhar Sharma said on Monday.
While sharing Paytm performance matrix for the month of October, Mr. Sharma said in a letter to shareholders that the company was scaling up lending business which had a huge demand in the country.
“One year ago, we made our way to the public markets. We are aware of the expectations that Paytm carries, and I assure you that we are on the right path to profitability and free cash flows. Our journey to build a scalable and profitable financial services business has just started,” Mr. Sharma said.
The CEO said that the government incentives to UPI payments and merchants’ adoption of Paytm devices and subscription products was making payments increasingly monetisable and profitable.
Mr. Sharma had said during the earnings call said that Paytm’s commerce business continued to operate with profitability as a target and “it has achieved profitability, complete operating full cost loaded profitability.”
The company has posted widening of consolidated loss to ₹571.5 crore in the September 2022 quarter from ₹473.5 crore in the year-earlier period.
The losses of the company had narrowed on a quarter-over-quarter basis.
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