Shares of One 97 Communications (Paytm) were trading lower in Monday’s trade, even as the company reported a 150 per cent jump in October-November loan distribution at 6.8 million, with annualised run rate for the loan distribution business standing at Rs 39,000 crore ($4.8 billion). Besides, the company said it now has over 5.5 million devices.
At 9.40 am, the stock traded at Rs 541.20 on BSE, down 0.70 per cent.
In the two months, Paytm has distributed 6.8 million loans, aggregating to loan disbursements of Rs 6,292 crore ($774 million, up 374 per cent).
“We see a significant growth runway given low current penetration, while we continue to work with our partners to remain focused on the quality of the book,” said the company in its exchange filing.
The company’s said its leadership in offline payments strengthened, with merchants paying subscriptions for payment devices exceeding 5.5 million.
“With our subscription as a service model, the strong adoption of devices drives higher payment volumes and subscription revenues, while increasing the funnel for our merchant loan distribution,” Paytm said.
The usage of Paytm Super App hit another high with average monthly transacting users (MTU) is at 84 million for the two months ended November 30, up 33 per cent YoY.
The consumer and merchant ecosystem has led the company to amass merchant payment volumes (GMV) for the two months ended November 2022 at Rs 2.28 lakh crore ($28 billion), a YoY growth of 37 per cent, Paytm, told BSE.
The stock is in the news after the company said it is mulling a share buyback proposal. The company’s board will be meeting on December 13 to discuss the same.
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