One97 Communications Ltd, which operates Paytm, saw its losses narrow to Rs 2,942.36 crore in the financial year ended March 2020, according to regulatory documents.
The company had registered a consolidated loss of Rs 4,217.2 crore for the financial year ended March 2019, according to Registrar of Companies filing shared by market intelligence firm Tofler.
Paytm, which competes with players like Flipkart's PhonePe and Google Pay, clocked a 1.3 percent rise in the consolidated total revenue at Rs 3,628.85 crore for the fiscal ended March 2020 as against Rs 3,579.67 crore for the financial year ended March 2019.
When contacted, Paytm shared its statement from September when the company had said its 2019-20 revenue has increased to Rs 3,629 crore with a 40 percent decline in losses.
It, however, had not shared the amount of loss registered in 2019-20 at that time.
On a standalone basis, the company's total revenue was at Rs 3,350.59 crore in 2019-20 as against Rs 3,391.61 crore in the preceding financial year, according to the regulatory document.
However, Paytm managed to lower losses on a standalone basis as well from Rs 3,959.64 crore in 2018-19 to Rs 2,833.18 crore in 2019-20.
Paytm, in its filing, noted that COVID-19 continues to spread across the globe and India, and that it has had an impact on all local and global economic activities.
"The company has considered the possible effects that may result from COVID-19, on the carrying amount of the receivables, investments, goodwill etc.
"While making the assessment the company has taken cognizance of internal and external information up to the date of approval of Financial Statements," according to the statement.
"However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration, and it will continue to monitor any material changes to the future economic conditions."
Edited by Teja Lele Desai
Link : https://yourstory.com/2020/12/paytms-fy20-loss-narrows-rs-2942-cr-revenue-rises
Author :- Press Trust of India ( )
December 24, 2020 at 10:17AM
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