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Paytm posts Q2 results, revenue from ops up by 64% to Rs 10.9 bn

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India’s leading digital ecosystem for consumers and merchants, Paytm announced its second quarter earnings report. The digital payments and financial services platform saw its revenue from operations grow by 64 per cent Y-o-Y to Rs 10.9 billion in Q2 FY 2022, driven by 52 per cent growth in non-UPI payment volumes (GMV) and more than 3 times growth in financial services and other revenue.

The company’s contribution profit grew to Rs 2.6 billion in Q2 FY 2022, year-on-year increase of 592 per cent. The contribution margin jumped to 24.0 per cent of revenue from 5.7 per cent the previous year.

Paytm posted an improved Adjusted EBITDA margin to (39 per cent) of revenues in Q2 FY 2022 (Rs 4,255 million), from (64 per cent) of revenues Q2 FY 2021 (Rs 4,267 million), along with increased investments in technology and merchant base expansion.

“The growth of non-UPI GMV has driven continued payments revenue growth, and our UPI-led payment volume growth is translating to a significant ramp up of our financial services offering. We are driving digital payments and financial services penetration and widespread adoption across India. Paytm has seen a strong second quarter of FY22, which is a testimony to the strong two-sided ecosystem of consumers and merchants that we have built. We have maintained the growth momentum in our payments services business, expanded our financial services business aggressively and are on our way to pre-Covid volumes for Commerce and Cloud services,” said the company’s management on the second quarter earnings.

Paytm’s Gross Merchandise Value (GMV) growth was driven by active user engagement & adoption across businesses. The company’s GMV for Q2FY2022 was Rs 1,956 billion, up by 107 per cent Y-o-Y and the growth momentum continued in October 2021, where the GMV at Rs 832 billion was up 131 per cent Y-o-Y.

The company’s average Monthly Transacting Users (MTU) in Q2FY2022 is up by 33 per cent Y-o-Y to 57.4 million and the trajectory has continued in October 2021 with 63 million MTUs, growth of 35 per ent Y-o-Y compared to 47 million MTUs in October 2020. The Monthly GMV per Transacting User for Q2 FY 2022 grew 55 per cent Y-o-Y to Rs 11,369.

Paytm, which has been focussed on growing its financial services platform, saw its revenue from payments and financial services grew 69 per cent Y-o-Y to Rs 8,426 million while Commerce and Cloud Services revenue grew by 47 per cent Y-o-Y to 2,438 million.

The company’s lending sector saw a huge boost as the number of loans disbursed grew 714 per cent year-on-year to over 2.8 million in Q2 FY 2022. The lending business continued to show strong growth as a result of the rapid scale-up of all of the company’s lending products, including Postpaid (Buy-Now-Pay-Later), consumer loans and merchant loans. The company’s financial institution partners disbursed around 1.3 million loans in October 2021, a 472 per cent increase in numbers of loans disbursed Y-o-Y and aggregating to a total disbursal of Rs 6,270 million implying a 418 per cent increase in value of loans disbursed Y-o-Y.

Paytm’s merchant base grew to 23 million in Q2 FY 2022, up from 18.5 million in Q2 FY 2021. The devices deployed base grew to 1.3 million in Q2 FY 2022 from 0.3 million as of Q2 FY 2021. We continue to witness strong adoption of our devices amongst merchant partners as our deployed base further increased to approximately 1.4 million as of October 2021, the company said.

National

Police in Srinagar attach property worth Rs 1.5 crore under UAPA

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Srinagar, July 5: Continuing its drive against terrorism, Jammu and Kashmir (J&K) Police in Srinagar district on Saturday attached property worth Rs 1.5 crore under the Unlawful Activities Prevention Act (UAPA).

A police statement said on Saturday, “In a decisive move against the terror ecosystem and to dismantle its supporting infrastructure, Srinagar Police has attached a residential property — comprising 8 marlas and 202 sq. ft. of land along with the building structure— estimated to be worth approximately Rs 1.5 crore.

“The property, located at Mir Masjid Mohalla, Shallabagh Khanyar, and falling under Survey Nos. 3674/1147 and 3677/1148, is recorded in the name of Mohammad Yousuf Shah son of Hafiz Waliuallah Shah.”

The police statement added, “It is currently in the possession of Masood Hussain Shah son of Mohammad Yousuf Shah. The attachment has been carried out under the relevant provisions of the Unlawful Activities (Prevention) Act (UAPA) in connection with FIR No. 48/2024 under Sections 109 of the Bharatiya Nyaya Sanhita (BNS), 7/27 of the Indian Arms Act, and Sections 16, 18, 19, 20, and 39 of the UAP Act, registered at Police Station Khanyar.

“Investigations have established that the property was acquired through illegal proceeds linked to terrorist activities. Acting under Section 25 of the UAP Act, the immovable property has been formally seized and attached following due legal procedure.

“Through this attachment notice, the owner is prohibited from selling, leasing, or transferring the said property in any manner. This action is part of the sustained campaign of Srinagar Police to dismantle the terror ecosystem in a systematic manner.

“By targeting and crippling the financial networks of terrorist organisations, Jammu & Kashmir Police aims to curb acts detrimental to the security and integrity of the nation. Srinagar Police reiterates its unwavering commitment to eradicating terrorism and safeguarding public peace.”

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World-famous Mudiya Mela in Govardhan from tomorrow, cleanliness campaign launched

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Govardhan (UP), July 5: As the world-famous Mudiya Mela will kick off in Uttar Pradesh’s Govardhan on Sunday, authorities have launched a cleanliness campaign.

Over 2 crore pilgrims are expected to reach Govardhan for the mela and perform Parikrama.

The cleanliness campaign, led by District Magistrate C.P. Singh, started on Saturday and focussed on cleanliness in key areas, including Parikrama Marg, Daanghati temple, and Giriraj ji.

DM Singh swept the land near the Govardhan temple, spreading the message of cleanliness.

As per the directions of the Uttar Pradesh government, efforts are being made to provide pilgrims with proper facilities and clean surroundings, he said.

The District Magistrate said people use polythene bags and indulge in littering as they don’t care about cleanliness, but now, as prior warnings have been given, strict action will be taken against violators.

The DM pointed out that maintaining cleanliness in the area was the responsibility of the temple management, but as it failed, “our team and locals of Govardhan are carrying out the cleanliness drive.”

Highlighting the importance of cleanliness, DM Singh said, “We aim to clean the entire Parikrama marg.”

He also shared that notices have been issued to those shops which have encroached on public land. The cleanliness campaign was made successful with the efforts of Govardhan SDM Neelam Srivastava, Govardhan Tehsil and Panchayat.

For the unversed, Mudiya Mela is observed in remembrance of Sanatan Goswami, the principal disciple of Lord Chaitanya Mahaprabhu.

Legends have it that when Sanatan Goswami passed away, his disciples did parikrama of the Govardhan after tonsuring their heads. Since then, this tradition has been followed.

Notably, the 468-year-old tradition continues to draw a sea of devotees.

The devotees perform a 21-km-long Parikrama of Govardhan.

The belief with the yatra is that it bestows peace and prosperity on the devotees.

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Business

12 nations to get US tariff letters on Monday, says Trump

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New Delhi/Washington, July 5: US President Donald Trump has signed tariff letters on exports from 12 countries, which are expected to be sent out on July 7 (Monday).

Speaking to the media aboard Air Force One, the US President said the names of the countries which will receive the letters would only be revealed on Monday.

“I signed some letters and they’ll go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,” he told reporters.

“The letters are better. It is much easier to send a letter,” Trump added.

Trump has suggested that the reciprocal tariffs could go even higher, potentially reaching 70 per cent for some countries, and take effect from August 1.

The US President in April unveiled a base tariff of 10 per cent on most goods entering the country, along with higher rates for certain countries, including China. Those elevated tariffs were later suspended till July 9.

Washington has concluded trade agreements with two countries – the United Kingdom and Vietnam.

Meanwhile, India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, has returned from Washington without reaching a final agreement with US officials on the sensitive issue of trade in agricultural and dairy products that the US is pushing for.

However, there is still a glimmer of hope that an interim bilateral trade agreement may be reached at the highest political level in the two countries before the July 9 deadline.

The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26 – July 2.

According to Commerce Minister Piyush Goyal, India will not hurry into signing a free trade agreement under pressure from any deadline.

Speaking on the sidelines of an event in the national capital, Minister Goyal emphasised that India is ready to make trade deals in the national interest but it “never negotiates trade deals with a deadline”.

The US is seeking broader market access for its agricultural and dairy products, which is a major hurdle, as for India, this is a livelihood issue for the country’s small farmers, and hence, is considered a sensitive area.

While India is looking to secure an exemption from President Trump’s 26 per cent tariffs by concluding an interim deal before July 9, it is also pushing for significant tariff concessions for its labour-intensive exports such as textiles, leather and footwear.

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