Paytm (One97 Communications) reported a significant decline in its Q1 FY24 earnings, with total income falling by 33.5% year-on-year to Rs 1,639.1 crore from Rs 2,464.2 crore. Sequentially, income dropped 31.7% from Rs 2,398.8 crore. Paytm’s net loss deepened to Rs 840.1 crore, compared to Rs 358.4 crore year-on-year and Rs 550.5 crore quarter-on-quarter.
Operating expenses (Opex) decreased 11.5% year-on-year to Rs 2,472.2 crore and fell 8% quarter-on-quarter. Employee expenses were down 13.9% year-on-year and 13.75% quarter-on-quarter to Rs 952.5 crore.
The company’s EBITDA loss widened to Rs 654.7 crore from Rs 170.1 crore in the previous year and Rs 91.8 crore in the previous quarter.
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Paytm