Paytm’s income from operations declined to Rs 2,802.41 crore on a consolidated foundation within the yr ended March 31, 2021, from Rs 3,280.84 crore in FY20, in line with the corporate’s annual report, which was reviewed by FE. The digital funds agency, nevertheless, managed to slender its complete losses to Rs 1,701.01 crore in FY21 from Rs 2,942.36 crore within the earlier yr. The agency saved a examine on its prices as complete bills decreased to Rs 4,782.95 crore in FY21 from Rs 6,138.23 crore in FY20.
“Regardless of a major disruption within the enterprise of our service provider companions as a result of ongoing pandemic, particularly within the first half of the yr, now we have had a minimal affect on revenues, on account of robust restoration within the second half of the yr,” an organization spokesperson stated in an announcement.
At the moment valued at $16 billion, the start-up led by Vijay Shekhar Sharma is planning to go public later this yr.
Stories peg the dimensions of the preliminary public providing (IPO) to be as a lot as $3 billion. Paytm’s Board is known to have authorised the corporate’s itemizing plan final week.
“Covid-19 continues to unfold throughout the globe and India. This has an affect on all native and world financial actions. Authorities of India has taken a sequence of measures to comprise unfold of the virus and restrict financial affect on corporates and people. The Firm believes that it has taken into consideration all of the attainable impacts of recognized occasions arising from Covid-19 pandemic within the preparation of standalone and consolidated monetary statements. Nonetheless, the affect evaluation of COVID-19 is a seamless course of given the uncertainties related to its nature and length,” Paytm stated within the annual report.
The corporate will proceed to observe any materials modifications to the long run financial circumstances,” Paytm stated within the annual report.