Paytm announced results for the first time, the company suffered a loss of Rs 4.37 billion in the September quarter
Paytm’s parent company One 97 Communications Ltd has declared its results. According to this, the company has a net loss of Rs 4.74 billion in the September quarter (2021-22). At the same time, in the September quarter of the last financial year (2020-21), this loss was Rs 4.37 billion. However, the company’s revenue has increased by 49.7 percent to Rs 1.13 billion. The company has said that its expense ratio has increased by 8.4 percent. Because of this, the losses have accelerated. One 97 Communications Ltd has declared its financial results for the first time after listing. Listed companies have to declare their financial results.
Paytm had launched the country’s largest IPO
Paytm’s management said in a statement that the company has maintained the momentum of its payment services business. It has aggressively expanded financial services. It is on track to achieve its pre-Covid level of business and cloud service. China’s Ant group and Japan’s SoftBank have major investments in Paytm. The company recently launched an IPO of Rs 18,300 crore. This was the biggest IPO of the country till date.
Anchor investors BlackRock and Canada Pension increase stake in an attempt to handle falling shares of Paytm
Paytm listing was bad
Paytm’s listing was very bad. Its stock fell by 28 per cent only after the listing, however, later after some anchor investors increased the stake, its shares stopped falling. But it is still 17 per cent below its issue price. According to Bloomberg news, BlackRock Inc. and Canada Pension bought more stake in Paytm on Tuesday and Wednesday. Both are also its anchor investors. After buying more stake from both sides, Paytm’s shares saw a 7 percent rally on Thursday and it had increased to Rs 1875. Although it is still away from its issue price of Rs 2150.
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