Paytm Reports A Massive Loss of this amount in 2019 Fiscal!
- By NewsOnFloor Staff
- Sep 11, 2019
- 43 views
One97 Communications Ltd which is Paytm’s parent company, reported a consolidated net loss of Rs 4,217.20 crore for fiscal year 2018-19, nearly three times higher than the previous year’s net loss of Rs 1,604.34 crore, according to the company’s annual report.
In FY19, Paytm’s consolidated revenue rose 8.2% to Rs 3,579.67 crore from Rs 3,309.61 in FY18. At the stand-alone level, revenue growth was tepid at 2.8% to Rs 3,319 crore compared with Rs 3,229 crore in FY18.
Paytm said in its annual report: “The company has incurred huge capital expenditure in creating a brand and establishing its business activity. We have incurred a considerable amount in various capital and operational expenditures which resulted into losses during the financial year.”
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Source : newscrab