Paytm's Cash Reserves At Rs 8,650 Cr At The End Of FY24 Solidify Its Financial Stability, Support Future Growth Investments
One97 Communications has added Rs 375 crore of cash during FY24, excluding the Rs 288 crore UPI incentive it received for the year
Noida-based payments and financial services major, One97 Communications, on Wednesday said that its cash balance for the quarter ended March 2024 stood at Rs 8,650 crore, underscoring the company's proactive approach to financial management and strategic investment. These figures include Paytm Money Ltd (PML) customer funds, further solidifying the company's liquidity position.
It further said that the company has added Rs 375 crore of cash during FY24, excluding the Rs 288 crore UPI incentive it received for the year. “For FY2024, we have added Rs 375 crore cash (Rs 254 crore excluding PML customer funds),” the company stated in its earnings release.
The company also reported an EBITDA before ESOP at Rs 559 crore, up Rs 734 crore from the previous fiscal year. It further added that this metric is expected to improve in the coming quarters.
This update showcases the strong health of Paytm's cash flow reserves as it looks to be well positioned to capitalise on growth opportunities and drive innovation in the digital payments sector.
On Wednesday, the company also added that it will be increasing its focus across insurance, equity broking and wealth distribution business starting FY25.
Paytm has successfully transitioned its core payment business from PPBL to other partner banks.
This shift de-risks its business model while opening up new opportunities for long-term monetisation, company founder and Chief Vijay Shekhar Sharma said as part of the shareholder letter.
For FY24, the company clocked a 25 per cent increase in revenue from operations to Rs 9,978 crore on the back of GMV growth, new device additions, and increased momentum in the financial services distribution business.
For FY24, Paytm's revenue from financial services and other segments increased by 30 per cent to Rs 2,004 crore.
Top Headlines
