One 97 Communications (Paytm) rose 2.09% to Rs 636.30 amid news reports that Sunil Mittal-owned Bharti Group was looking to buy stake in the fintech company.
According to the media reports, Sunil Mittal, the founder of Bharti Enterprises, wanted to merge Airtel Payments Bank with Paytm Payments Bank through a stock transaction and also wanted to purchase Paytm shares from other shareholders.However, some other media reports suggested that the talks between Bharti Group and Paytm did not progress as the management of the fintech company declined to give up management control.
Meanwhile, Jack Ma-backed Ant Group is reportedly looking to reduce its take in Paytm. As of December, the Jack Ma-backed company owned 24.86% of One97 Communications.
Paytm is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.
The company reported consolidated net loss of Rs 392 crore in Q3 FY23 as compared with net loss of Rs 778.40 crore in Q3 FY22. Net sales jumped 41.6% year on year to Rs 2062.20 crore in Q3 FY23. In Q3 FY23, EBITDA before ESOP cost was at 31 crore as compared with negative Rs 393 crore in Q3 FY 2022 and negative Rs 166 crore reported in Q2 FY 2023. EBITDA before ESOP cost margin improved to 2% of revenues in Q3 FY23 from negative 27% of revenues in Q3 FY22 and negative 9% of revenues in Q2 FY23.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content