Mumbai, 23 January 2024: Paytm, India’s leading payments and financial services company and the pioneer of QR, Soundbox, and mobile payments, on Friday announced in its Q3FY24 results that its revenue from operations soared 38% YoY to ₹2,850 Cr, showcasing remarkable growth and enhanced profitability. The achievement is mainly due to accelerated GMV growth, higher device addition, and growth of the financial services business.
On the back of growth and operating leverage, Q3FY24 EBITDA before ESOP increased by ₹188 Cr YoY to ₹219 Cr, and PAT increased by ₹170 Cr YoY to (₹222 Cr). The merchant subscriber network of the company crossed the 1Cr benchmark and grew by 49 Lakh YoY and 14 Lakh for the quarter.
Also, revenue from financial services and others grew 36% YoY to ₹607 Cr. The fintech company informed that, in the December ending quarter, the value of loans distributed through its platform increased to ₹15,535 Cr, a growth of 56% YoY. A good ramp-up in the high-ticket loan segment with a distribution of ₹490 Cr in the quarter has also been observed.
In Payments, the company’s multi-device-led strategy will further strengthen acquiring leadership. It will also focus on new use cases like Credit on UPI, Autopay, etc. to lead monetizable incremental customer acquisition. In Marketing Services, the company is offering Deals, Gift Vouchers, Loyalty, and enabling commerce services to merchants along with advertising on Paytm App for various brands and businesses. Under financial services, the company is expanding high-ticket loans by focusing on adding new lending partners. It is also scaling embedded insurance and merchant insurance offerings and cross-selling equity trading to the Paytm consumer base.
The Average Monthly Transacting Users (MTU) grew by 18% YoY to 10 Cr in the quarter. Led by an increase in GMV and higher subscription revenue, payments revenue grew by 45% YoY to ₹1,730 Cr in Q3FY24. The contribution profit of the company increased 45% YoY to ₹1,520 Cr.