Shares of Paytm on November 29 slipped over 3 percent at open before recouping most losses and trading marginally lower at Rs 1,780 on the BSE.
On November 27, the stock had closed at Rs 1,781.15 on the BSE.
One 97 Communications which operates Paytm, on November 27, said its losses had inched up to Rs 474 crore during the quarter ended in September against Rs 437 crore in the same period of the previous financial year.
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The company, which reported its earnings publicly for the first time since its stock market debut this month, said net loss widened due to higher expenses.
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The total direct expenses escalated by 32 percent to Rs 825.7 crore from Rs 626 crore YoY.
Founder and CEO Vijay Shekhar Sharma said the losses were due to conservative accounting, which led to upfront booking of acquisition costs even as revenues from those will flow over the next 12 months.
In an interaction with Moneycontrol, founder Vijay Shekhar Sharma with an aim to assuage investor concerns, had said that Paytm\’s growth numbers in the coming quarters would do the talking.
The revenue from operations for the quarter grew by 64 percent year on year (YoY) to Rs 1,090 crore in the second quarter of FY22.
This was driven by 52 percent growth in non-UPI payment volumes (GMV) and more than three times growth in financial services, the company said in a regulatory filing.