Paytm posts profit of Rs 928.3 cr in Q2 on gain from sale of entertainment ticketing biz

New Delhi, Oct 22 (PTI) One97 Communications, the parent of Paytm, on Tuesday posted a net profit of Rs 928.3 crore in the quarter ended September 2024, compared to Rs 290.5 crore loss it incurred a year ago, as an exceptional gain from sale of entertainment ticketing business to Zomato improved the fintech firm's Q2 scorecard.
     The revenue from operations slumped 34.1 per cent year on year to Rs 1,659.5 crore during the just-concluded quarter.
     For Q2FY25, Paytm reported a Profit after Tax (profit attributable to owners of parent) of Rs 928.3 crore. This included an exceptional gain of Rs 1,345 crore on account of sale of entertainment ticketing business, Paytm said in its earnings statement.
     "The company believes that the continued focus on payments and distribution of financial services will drive sustained, profitable growth. The same is reflected in its growing revenue for payments business of Rs 981 crore, up 9 per cent QoQ, and revenue from financial services at Rs 376 crore, up 34 per cent QoQ," it said.
     The company's indirect cost has come down by 17 per cent sequentially to Rs 1,080 crore due to reduction in employee costs (down 13 per cent QoQ), marketing expenses and absence of certain one-time expenses incurred in Q1 FY 2025.

(This story has not been edited by THE WEEK and is auto-generated from PTI)