Paytm CEO Vijay Shekhar projects free cash flow by year’s end.
Paytm CEO Vijay Shekhar has stated that the company will begin to produce free cash flow by the end of the year. Sharma stated that the company is on track to meet its committed parameters of becoming free cash flow positive by the end of the year.
NEW DELHI: A senior official at One97 Communications, which owns the Paytm brand and works as a financial technology company, stated on Saturday that the business anticipates generating free cash flow by the end of this year.
During an earnings call, Paytm founder and CEO Vijay Shekhar Sharma stated that the company’s increase in the June 2023 quarter was due to an expansion in the payments, financial services, and commerce business.
Sharma stated that the company is on track to meet its committed parameters of becoming free cash flow positive by the end of the year.
Paytm’s stated loss for the first quarter that ended on June 30, 2023 came in at Rs 358.4 crore, a decrease from the previous reported deficit. The previous year, during the same time period, the corporation reported a loss totaling 645.4 billion rupees. Its revenue from operations climbed by 39.4 percent during the reporting quarter, reaching 2,341.6 crore compared to the previous quarter’s total of 1,679.6 crore.
In the April-June quarter of the fiscal year 2023-24, the company reported that its merchant payments volume (GMV) increased by 37 percent year-on-year to a total of 4.05 lakh crore.
Sharma shared an update regarding the RBI’s ban on the onboarding of new clients by Paytm Payments Bank. He stated that the company has submitted a compliance report to the banking regulator, and the report is now being reviewed.
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