Paytm’s revenue from operations declined to Rs 2,802.41 crore on a consolidated basis in the year ended March 31, 2021, from Rs 3,280.84 crore in FY20, according to the company’s annual report, which was reviewed by FE. The digital payments firm, however, managed to narrow its total losses to Rs 1,701.01 crore in FY21 from Rs 2,942.36 crore in the previous year. The firm kept a check on its costs as total expenses decreased to Rs 4,782.95 crore in FY21 from Rs 6,138.23 crore in FY20.
“Despite a significant disruption in the business of our merchant partners due to the ongoing pandemic, especially in the first half of the year, we have had a minimal impact on revenues, due to strong recovery in the second half of the year,” a company spokesperson said in a statement.
Currently valued at $16 billion, the start-up led by Vijay Shekhar Sharma is planning to go public later this year.
Reports peg the size of the initial public offering (IPO) to be as much as $3 billion. Paytm’s Board is understood to have approved the company’s listing plan last week.
“Covid-19 continues to spread across the globe and India. This has an impact on all local and global economic activities. Government of India has taken a series of measures to contain spread of the virus and limit economic impact on corporates and individuals. The Company believes that it has taken into account all the possible impacts of known events arising from Covid-19 pandemic in the preparation of standalone and consolidated financial statements. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration,” Paytm said in the annual report.
The company will continue to monitor any material changes to the future economic conditions,” Paytm said in the annual report.