One97 Communications shares jump over 5% as losses narrow

Shares of digital financial services firm One97 Communications, which operates under the Paytm brand, jumped over 5 per cent in morning trade on Monday after the company's consolidated loss narrowed to Rs 167.5 crore in the fourth quarter ended March 31, 2023.

The stock rallied 5.24 per cent to Rs 725.60 apiece on the BSE.

Shares of the company at the NSE climbed 5.13 per cent to Rs 725.

In traded volume terms, 2.72 lakh shares of the firm exchanged hands on the BSE and over 71.34 lakh shares were traded on the NSE in initial trade.

The company had posted a loss of Rs 762.5 crore in the same period of the last year.

The consolidated revenue from operations of the company grew 51.5 per cent to Rs 2,334.5 crore in the quarter under review, from Rs 1,540.9 crore in the March quarter of FY22.

For the year ended March 31, 2023, One97 Communications reported narrowing of loss to Rs 1,776.5 crore from Rs 2,396.4 crore in the previous fiscal.

The revenue from operations of the company grew by about 60 per cent to Rs 7,990.3 crore in FY23 from Rs 4,974.2 crore in FY22.

"Our 61 per cent YoY revenue growth for FY2023 was driven by payments monetisation and growing scale of our loan distribution business," the company said in a statement on Friday.