One 97 Communications, the parent company of Paytm, reported a net profit of ₹928 crore for the quarter ending September 30, 2024 (Q2 FY25), a significant improvement from a loss of ₹839 crore in the previous quarter. In the same period last year, the company faced a loss of ₹291.7 crore. The profit was primarily bolstered by a one-time gain of ₹1,345 crore from the sale of its movie ticketing business to Zomato.
Without this one-time gain, Paytm would have recorded a net loss of ₹415 crore, which exceeds the loss reported in the same quarter last year. Following the announcement, Paytm’s shares fell by up to 7.74%, trading at ₹669.65 on the BSE.
Revenue from operations was ₹1,659.5 crore, reflecting a 34% decline compared to ₹2,518.6 crore in the September 2023 quarter. However, sequentially, revenue increased by 10.5%. Paytm emphasized its core business strategy, focusing on acquiring consumers and merchants for payment services and cross-selling financial products.
In Q2 FY25, Paytm reported that 6.0 lakh key financial services customers accessed its platform, slightly up from 5.9 lakh in the previous quarter. The company plans to shift its reporting metrics toward customer acquisition and revenue from financial services in the coming quarters.
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The sale of its entertainment ticketing business to Zomato was finalized during this quarter for a total of ₹2,014 crore, contributing to a significant gain of ₹1,345 crore. This transaction has strengthened Paytm’s balance sheet, leaving it with a cash reserve of ₹9,999 crore.
