GG News Bureau
New Delhi, 22nd May. Digital payments firm Paytm reported a wider loss for the fiscal fourth quarter on Wednesday, attributing the downturn to weakness in its payments and financial services business following the central bank’s shutdown of its banking unit.
Paytm’s consolidated net loss reached ₹5.5 billion, exacerbated by an impairment of ₹2.27 billion related to scaling down the operations of Paytm Payments Bank. This marks a significant increase from the ₹1.68 billion loss reported in the same quarter last year.
The company’s consolidated revenue from operations also saw a decline, falling to ₹22.67 billion ($272.3 million) for the January-March quarter, compared to ₹23.35 billion in the previous year.
In March, the Reserve Bank of India ordered Paytm Payments Bank, an associate of Paytm, to halt the acceptance of new deposits in its accounts or digital wallets, raising concerns about revenue from Paytm’s primary payments business.
Comments are closed.