Zomato helps Paytm make lemonade out of lemons, at least for a while
Paytm has beat expectations or at least managed to do so for now, thanks to Zomato.
One97 Communications, which operates fintech and digital payments major Paytm was expected to clock higher revenue growth but the losses were expected to widen in Q2.
Losses for the July-September 2024 period were likely to widen up to Rs 660 crore from Rs 290 crore in the same period of last year. However, beating expectations in the second quarter of FY 2025, Paytm posted a profit of Rs 930 crore, largely fueled by a one-time exceptional gain of Rs 1,345 crore from selling its entertainment ticketing business to Zomato.
Paytm shares were trading at Rs 685.15, down 5.62 per cent as of 12.25 PM on Tuesday.
The deal, finalized on August 27, 2024, led to a dip in Paytm’s marketing services revenue, which fell to Rs 302 crore, down from previous quarters. However, excluding the ticketing business, revenue stood at Rs 268 crore. The company’s credit card distribution scaled significantly, with 13.8 lakh activated credit cards, while travel services continued to show strong momentum.
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