One 97 Communications, the parent firm of Paytm reported its second-quarter results on Tuesday following which shares dived by nearly 4%.

What Happened: The fintech giant posted a 34% decrease in operational revenue to ₹1,659.5 crore in the July to September period compared to ₹2,518.6 crore reported in the same quarter, a year ago. Sequentially, revenue soared 10.5%.

Paytm posted a net profit of ₹930 crore helped by an exceptional gain of ₹1,345 crore from the sale of its business and subsidiaries. Before accounting for tax and exceptional items, the company loss stood at ₹406.5 crore, which was around 50% more than what it had seen in the year-ago period. The company had posted a net loss of ₹291.7 crore in the second quarter of 2023.

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For the six months ending in September, the company recorded a revenue of ₹ 3,161 crore and a net profit ₹89.9 crore. EBITDA loss came in at ₹408 crore, around 49% improvement from the ₹792 crore EBITDA loss booked in the same quarter last year.

The revenue figures were largely in line with analysts’ estimates who on average had seen it coming at around ₹1,623 crores, whereas the adjusted loss was less than the street’s expectations of around ₹600 crore.

Earlier this year, food-delivery giant Zomato bought the company’s entertainment ticketing business for a whopping ₹2,048 crore. The deal encompassed Paytm's entertainment ticketing business, which includes tickets for movies, sports, and events. The transaction is valued at ₹2,048 crores on a cash-free, debt-free basis

Price Action: Paytm’s shares were down 3.48% to ₹700.70 on Tuesday morning.

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