said on Friday its net loss for the fourth quarter widened by 71.6 percent to Rs 763 crore as expenses ate into the fintech company’s solid topline growth.
Its consolidated net loss was Rs 444 crore in the year-ago period.
Revenue from operations jumped 89 percent to Rs 1,541 crore in the fourth quarter ended March 31, 2022.
Marketing expenses and employee costs during the full-year 2022 ate into the company’s profits, Paytm said.
“As we enter FY 2023, we expect to achieve significant operating leverage, and the trajectory of EBITDA improvement to steepen,” the company said.
Vijay Shekhar Sharma, Founder and CEO, Paytm
In a letter to shareholders, Paytm Founder and CEO Vijay Shekhar Sharma had previously outlined that the Noida-based company, whose shares erased nearly 60 percent of their market value this year, expects to turn a profit in 2023.
The company’s shares have seen steep declines – around 70 percent, as of last close – from their IPO price of Rs 2,150, after a dismal stock market debut.
Total expenses for the quarter rose 77.7 percent to Rs 23.72 billion.
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