Paytm : Paytm registered 37% yoy growth in total sales… Stock price showing a boom..!
Paytm : Paytm registered 37% yoy growth
In the three months ending June 2023 the total merchant gross sales processed through the Paytm platform was Rs. 4.05 lakh crore ($49.3 billion). This is a 37% year-on-year growth Paytm said in its quarterly business update
Shares of One97 Communication which operates India’s leading payment platform Paytm rose 3% to Rs 861.9 on the Sensex on Wednesday. It reported a 37% year-on-year growth in its total sales in the June quarter. At the same time average monthly transaction users grew by 23% year-on-year Paytm said
During the quarter (three months ending June 2023) the total merchant sales value processed on the Paytm platform was Rs. 4.05 lakh crore ($49.3 billion). This represents a 37% year-on-year growth Paytm said in its quarterly business update
Paytm grew its consumer base with average monthly transacting users (MTU) at 9.2 crore in the quarter (average for the three months ending June 2023) at 23% year-on-year growth
Paytm said the focus over the past few quarters has continued to be on payment volumes that generate profit either through net payment margin or direct upsell potential. The credit distribution business has disbursed Rs 14,845 crore. This is an annual growth of 167%
The trend in MoM loan disbursements in June reflects higher disbursements in May. This includes demand for business loans from April. It currently has 7 active lending syndicates. It aims to merge 3-4 alliances in FY 2024.
Increase of 4 lakh devices in the month
Number of merchants subscribing to payment devices such as soundboxes and POS machines has reached 79 lakh as of June 2023 This is an increase of 4 lakh devices in the month and 11 lakh devices in the quarter
Paytm stocks which have underperformed since listing in November 2021 have fared better in 2023 So far this year the new stock is up 62percent after reporting a second quarter of EBITDA (before ESOP expense) profits
Global brokerage BofA Securities raised the target price to Rs,1020 from Rs 885 Macquarie has downgraded the new stock to neutral with a target price of Rs 800 citing high-margin lending and soundbox business momentum .