Why Are Paytm Shares Jumping Today?

Shares of Paytm parent, One97 Communications, shot up on Wednesday after the company posted strong operational results for the latest quarter.

What Happened? Numbers went up across the board for the fintech firm, with average monthly transacting customers reaching 9.2 crore users, up 23% from a year ago.

Subscriptions for Paytm’s offline payment devices, a fast-growing category for the firm, more than doubled to 79 lakh merchants from a year ago.

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Paytm’s gross merchandise value climbed by over a third to ₹4.05 lakh crore. “Our focus over the past few quarters continues to be on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential,” the company said.

Meanwhile, the company distributed loans with ₹14,845 crore – a massive 167% jump from the last year. The firm said it continues to build partnerships with large non-banking financial companies and banks. It currently has seven active lending partners and aims to onboard another three or four partners in FY2024.

Price Action: Paytm’s share price was up around 1.42% to trade at ₹848.60 in morning trade on Wednesday. The stock has gained nearly 60% so far this year but is still off its IPO price by a considerable amount.

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Posted In: EquitiesFintechMarketsMoversTrading IdeasOne97 CommunicationsPaytm
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