One 97 Communications Ltd, the parent company of Paytm, clocked a net loss of Rs 550 crore in the January-March period of FY24, a 3.2 times jump compared to the same period in the last fiscal year. Paytm’s revenue was down by 20 per cent compared to the previous quarter.
Its quarterly result took a beating after the Reserve Bank of India’s (RBI) ban on some of the services of Paytm Payments Bank (PPBL). The company posted a 3 per cent decline in its revenue for the fourth quarter of FY24 to Rs 2,267 crore.
This comes as the company plans to achieve significant cost efficiencies through artificial intelligence (AI)-led capabilities. The digital payments major is planning a “leaner organisation structure” and the “pruning of non-core businesses”, indicating there may be job redundancies at the company in the near future.