Paytm’s share price rose over a percent on Monday following the fintech giant’s report of its earnings for the quarter ending June 2024.
What Happened? One97 Communications, Paytm’s parent company, reported a decrease in its consolidated net loss to ₹357 crore in Q1 2024, compared to ₹644 crore in the same period last year. However, this net loss was larger than the ₹168 crore loss reported in the March quarter.
Paytm’s operational revenue increased 39.4% to ₹2,341 crore, up from ₹1,679 crore in the year-ago period.
Additionally, Paytm’s credit distribution business saw a significant 167% year-on-year growth, providing ₹14,845 crore in loans. Overall, the number of loans provided through the payments platform increased by 51% to 1.28 crore.
See also: Why This Tata Stock Is Crashing 8% Today
Brokerages Revise Targets: Following the promising growth in business metrics, most brokerages have revised their target price for Paytm stock. Brokerage CLSA raised its target price to ₹1,050 per share, Citi to ₹1,200, and JM Financial to ₹1,060 per share. Meanwhile, Motilal Oswal Financial Services set a target price of ₹1,000 per share.
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Price Action: Paytm shares were trading 0.43% higher at ₹847.90 per share on the BSE as of 11 am.
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