 "Paytm Q2 results: Loss narrows as revenue jumps 32% on strong loan growth")
Indian digital payments firm Paytm posted an operating profit for the fourth straight quarter on Friday, helped by steady loan growth at its financial services unit.
Paytm, one of the country's first startups to go public, said revenue increased 32% to Rs 2,519 crore in the second quarter, from Rs 1,914 crore a year earlier.
Operating profit -- which Paytm defines as core profit before cost of employee stock-owing plans -- came in at Rs 153 crore for the quarter ended Sept. 30, compared with a loss of Rs a year earlier.
Core profit in the first quarter was Rs 84 crore.
The company, which has not posted a net profit since it went public in November 2021, said its consolidated net loss narrowed to Rs 291 crore , from Rs 571 crore a year ago.
Paytm, which also rents out devices that verbally confirm online payments to merchants, said revenue at its core payments business rose 28%.
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Financial services revenue, which includes its loans business, rose 64%. Loans distributed more-than-doubled in value to Rs 16,211 crore.
Paytm's shares closed 2% higher ahead of results on Friday.
They have gained 86% so far this year, while the broader Nifty Financial Services firms has risen 3.3%.