Paytm: Paytm posts profit on ticketing biz sale, revenue down 34%

Paytm parent One97 Communications on Tuesday posted a 34% year-on-year fall in second-quarter operational revenue at Rs 1,660 crore, but the sale of its ticketing platform to Zomato helped the digital payments company report a net profit of Rs 930 crore.

The sale of Paytm Insider resulted in a one-time gain of Rs 1,345 crore for the company in the quarter ended September 30, helping it swing to a profit from a year-earlier loss of Rs 291 crore and taking its cash balance to Rs 9,990 crore. Its operational revenue in the second quarter of last fiscal year was Rs 2,518 crore.

Expenses fell 23% to Rs 2,244 crore from Rs 2,936 crore a year back. Employee expenses reduced to Rs 831 crore compared with Rs 1,191 crore a year earlier.

The Noida-based company also managed to control expenses on a quarter-on-quarter basis. Its payment processing charges almost stood constant from the previous quarter.

In a press release, Paytm said its merchant subscriber base reached 11.2 million as on September 30 and its payment services posted revenue of Rs 981 crore. Revenue from financial services, like merchant and consumer lending, rose to Rs 376 crore, up 34% from the June quarter.

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