Digial payment firm Paytm narrowed its consolidated loss to Rs 1,704 crore in finacial year 2020-21 as against a loss of Rs 2,943.32 crore in 2019-20.
This is the second consecutive fiscal year when the company has reported narrowing of loss. However, its total revenue declined 10 per cent to Rs 3,186 crore in FY21 from Rs 3,540.77 crore in FY20, as per the company's annual report.
"COVID-19 continues to spread across the globe and India. This has an impact on all local and global economic activities. Government of India has taken a series of measures to contain the spread of virus and limit economic impact on corporations and individuals...The company has considered the possible effects that may result from COVID-19, on the carrying amount of the receivables, investments, goodwill etc," the annual report said.
Paytm's authorized share capital stood at Rs 104.1 crore, comprising over 10.41 lakh equity shares of Rs 10 each.
"Despite a significant disruption in the business of our merchant partners due to the ongoing pandemic especially in the first half of the year, we have had a minimal impact on revenues, due to strong recovery in the second half of the year," a Paytm spokesperson said.
Paytm is gearing up for its initial public offer (IPO), likely to be one of the largest in India. Last week, the company's board gave in-principle approval to raise around Rs 22,000 crore through IPO during October-December quarter this year.
The company is looking at an enterprise value of over Rs 2 lakh crore for the IPO.
Paytm's shareholders include Alibaba's Ant Group (29.71 per cent), Softbank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent), Vijay Shekhar Sharma (14.67 per cent).
AGH Holding, T Rowe Price and Discovery Capital, Berkshire Hathaway hold less than 10 per cent stake in the company.
(With inputs from PTI)
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today