Paytm Q2 Results: Fintech posts Rs 928 cr PAT on one-time gain; revenue slides 34% YoY

Fintech company One 97 Communications, which operates the payments platform Paytm on Tuesday, reported a consolidated profit after tax (PAT) of Rs 928.3 crore for the quarter ended September 2024, compared to a loss of Rs 290.5 crore in the corresponding quarter of the previous fiscal year, due to a one-time gain.Paytm’s revenue dropped 34% year-on-year (YoY) to Rs 1,660 crore against Rs 2,519 crore in the corresponding quarter of the previous year.Paytm attributed the profit to a one-time exceptional gain of Rs 1,345 crore on account of the sale of entertainment ticketing business to Zomato earlier this year.On a sequential basis, Paytm’s revenue rose 11% due to a 5% quarter-on-quarter (QoQ) increase in GMV, better device realisation, and a 34% QoQ increase in revenues from financial services. “Our net payment margin increased 21% QoQ to Rs 465 crore, largely on account of improvement in payment processing margin, better device realization and growth in GMV. Financial Services…