Paytm sees marginal rise in revenue for FY20, narrows loss to Rs 2,942 crore
One97 Communications Ltd, which operates Paytm, witnessed a one percent rise in its revenue at Rs 3,629 crore ($493.5 million) for the fiscal year March 2020, as against Rs 3,580 it has posted in the previous financial year.
With an increase in revenue, Paytm also managed to narrow its losses significantly for the financial year to Rs 2,942 crore.
The company had posted a consolidated loss of Rs 4,217 crore for the financial year ended March 2019, PTI reported citing a Registrar of Companies filing.
"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," Paytm said in its filing report.
“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,” it added.
Paytm is one of the leading players in the digital payment and e-commerce sectors in India and competes with Facebook-owned WhatsApp, Alphabet Inc's Google Pay, and Walmart's PhonePe among other domestic players.
Copyright © 2021 FashionNetwork.com All rights reserved.