Paytm, India’s second-largest fintech company, posted its first-ever adjusted Ebitda profit in the quarter ending December 2022, three-quarters ahead of its guidance.
Details about Paytm has reported its first-ever operating profit of Rs. 31 crore
Paytm, which is owned by One97 Communications, reported earnings before interest, taxes, depreciation, and amortisation (Ebitda) of 31 crore on revenue of 2,062 crore in the third quarter of fiscal year 2023.
“This has been made possible by our team’s constantly focused execution. “The team was asked to focus on development with quality revenues that contribute to the bottom line,” stated Paytm CEO Vijay Shekhar Sharma in an exchange filing.
Over the last few years, the digital services firm has been under pressure to reduce its cash burn and attain profitability. The company’s stock has been under pressure in recent months due to potential competitors and the macroeconomic situation, with a 35% drop in the last six months.
In the midst of a difficult macroeconomic environment, its stock has dropped by more than 66% on the National Stock Exchange to $529.90. Alibaba.Com Singapore E-Commerce Pvt Ltd owns 6.26% of the company as of December 2022.