Paytm swings to profit in Q1, 1st for core business
MUMBAI: Paytm swung to profit in the June quarter after two straight quarters of losses, posting net profits of Rs 123 crore on a consolidated basis as attempts to check costs and streamline operations leveraging AI paid off.
This is the company's first quarter of profit from its core business.
The fintech, whose business was impacted after RBI's directive to wind down its banking unit last year due to non-compliance, posted its first profit in Q2FY25 but it was due to a one-time gain accrued through the sale of its entertainment ticketing business to Eternal (formerly Zomato). Paytm reported losses of Rs 840 crore in the year-ago quarter. Revenue from operations increased to Rs 1,917.5 crore in Q1 from Rs 1,501.6 crore.
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