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Paytm shares fall after Q2 loss widens

NEW DELHI: Shares of One97 Communications, the parent company of

Paytm

, shed almost 5 per cent in early trade Monday as the financial technology firm reported a wider on-year net loss of Rs 473 crore in July-September on account of a rise in payment processing costs.

The company’s scrip hit a low of Rs 1,700 on the National Stock Exchange as against the previous close of Rs 1,782.60. In the course of the day, however, the stock managed to claw its way back, recouping most losses as investors bought on dips. At 1:45 pm, the stock was trading 1 per cent lower at Rs 1,764.15.

In the second quarter of the previous financial year, One97 Communications had posted a net loss of Rs 436.70 crore.

Revenue from operations rose 64 per cent on-year to Rs 1,090 crore in July-September, the company said in a regulatory filing, adding that the improvement was primarily driven by a 52 per cent growth in non-UPI payment volumes and a more than three-times growth in financial services.

For the quarter under review, payment and financial services revenue was at Rs 842.6 crore as against Rs 497.8 crore a year ago, registering a rise of 69 per cent.

Cloud and commerce services showed revenue of Rs 243.8 crore, corresponding to a growth of 47 per cent over the previous year, the exchange filing showed.

Foreign brokerage Macquarie has maintained its underperform rating on Paytm, keeping its price target constant at Rs 1,200, following the company's maiden quarterly results. The brokerage said the stock trades at 22 times FY23 price to sales, which is expensive.

Macquarie said that H1FY22 (April-September) losses are already at 70 per cent of its FY22 estimates while distribution revenues are at 20 per cent of its FY 22 estimates, ET NOW reported.
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Источник: https://economictimes.indiatimes.com/markets/stocks/news/paytm-shares-fall-after-q2-loss-widens/articleshow/87977222.cms
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