Paytm narrows loss to Rs 1,704 crore for FY 2020-21
Digital payments firm Paytm managed to narrow its consolidated loss to Rs 1,704 crore ($233 million) in 2020-21, as against a loss of Rs 2,943 crore it reported in the financial year 2019-20.
Despite the trimming of losses, Paytm’s total revenue declined about 10 percent to Rs 3,186 crore as compared to Rs 3,541 crore in the previous year.
“Despite a significant disruption in the business of our merchant partners due to the ongoing pandemic especially in the first half of the year, we have had a minimal impact on revenues, due to strong recovery in the second half of the year,” a Paytm spokesperson told PTI.
“Covid-19 continues to spread across the globe and India. This has an impact on all local and global economic activities. The government of India has taken a series of measures to contain the spread of the virus and limit the economic impact on corporations and individuals. The company has considered the possible effects that may result from Covid-19, on the carrying amount of the receivables, investments, and goodwill," the spokesperson added.
Digital payments and e-commerce major Paytm is planning Rs 22,000 crore initial public offering, which is scheduled for the October-to-December quarter this year.
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