Shares of One97 Communications Ltd (Paytm) declined over 8% 649 in Friday deals on BSE on discussion of large block deals. The stock gained for four days in a row till Thursday on strong third quarter results and leading global brokerages raising bullish and target prices.
2.1 crore shares (3.4% equity). Paytm A block deal has changed hands on Friday and a report in ANI suggests that Chinese multinational Alibaba has sold its entire stake in Paytm in today’s block deal. With this sale, Alibaba is no longer a stakeholder in Paytm. Mint could not independently verify the developments.
Paytm posted its first quarterly operating profit as a listed firm ahead of its September 2023 guidance and the company’s losses also narrowed during the third quarter (Q3FY23) of the current fiscal. Fintech company’s net loss narrows in December quarter 392 crore as compared to 779 crore from a year ago while the leading digital payments brand’s revenue from operations grew by 42% 2,062 crores.
Earlier this week, the payments and financial services platform shared its business update for the month of January 2023, during which its merchant payment volume (GMV) 1.2 lakh crore, a growth of 44% year-on-year (YoY). it’s paid 3,928 crore loan for the month of January 2023. The average monthly transacting users (MTU) for January 2023 registered a 29% year-on-year (YoY) growth at 89 million.
“I am very happy to share that our company has achieved this milestone of EBITDA before ESOP cost profitability in the December 2022 quarter itself. That’s three quarters ahead of our guidance. With our focus on growth and keeping a close watch on operational risk and compliance, I am confident that we will soon achieve our next milestone of becoming a free cash flow generating company,” said the Founder and CEO (CEO) Vijay Shekhar Sharma said in a statement.
Paytm share price continues to trade below its initial public offer (IPO) price 2,150 since its listing in November 2021 and had the worst first-year share price among large IPOs in the past decade, driven by valuation concerns.
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