Tag: earning

Paytm logs Rs 7,990 cr revenue in FY23, becomes India’s highest earning new-age firm

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New Delhi: Leading payments and financial services company Paytm on Friday announced an impressive growth in its fourth quarter of FY23, ending the financial year on a high note.
In Q4 FY23, the company’s revenue surged by 51 percent (year-on-year) to reach Rs 2,334 crore, while the full-year revenue increased by 61 percent YoY to Rs 7,990 crore, making it the highest earning new-age company.
In Q4, Paytm further grew its operating profit by Rs 234 crore. In Q4, Paytm’s EBITDA before ESOP costs, excluding UPI incentives, rose to Rs 101 crore, a significant improvement from the previous fiscal’s Q4 figure of (Rs 368 crore).

This was achieved by the increased pace of monetisation, better cost management, and higher operating leverage, said the company.
In the fourth quarter, Paytm’s payments revenue grew by 41 percent YoY to Rs 1,467 crore.
According to the company, including only current quarter’s UPI incentive only, net payments margin for Q4 FY 2023 was Rs 554 crore, up 107 percent YoY. In the current fiscal year, net payments margin increased 2.9x to Rs 1,970 crore, demonstrating the profitability of the payment business, despite the higher share of UPI.
Excluding prior quarters’ UPI incentive, payments revenue grew 28 percent YoY. For FY23, led by increase in payment volume, and higher subscription revenue from device merchants, the payment revenue increased 44 percent to Rs 4,928 crore in FY23.
Paytm significantly increased its loan distribution business with revenue from financial services and others growing 183 percent YoY to Rs 475 crore in Q4 FY 2023 and by 253 percent in FY 2023 to Rs 1,540 crore. This was largely on account of a 364 percent increase in the value of loans disbursed through its platform, said the company.

The company continues to monetise Paytm app traffic in its commerce and cloud segment by providing marketing services to its merchants. In Q4 FY 2023, Paytm’s commerce and cloud revenue grew by 23 percent YoY to Rs 392 crore.
In FY 2023, commerce and cloud revenue grew by 38 percent to Rs 1,520 crore.
Paytm’s contribution margin improved from 30 percent in FY 2022 to 49 percent in FY 2023, due to improved payments profitability, and growth in high margin loan distribution business.
The company’s user engagement on the platform continues to grow, with average Monthly Transacting Users (MTU) for Q4FY23 increasing by 27 percent YoY to 90 million, indicating a growing adoption of digital payments by consumers and merchants in India.
The company’s Gross Merchandise Value (GMV), which stood at Rs 3.62 lakh crore for Q4 FY 2023, saw an increase of 40 percent YoY.
The company’s loan distribution business, in partnership with marquee lenders, has continued to scale, with the total number of loans growing to 1.2 crore in Q4FY23, up 82 percent YoY, and the total value of loans amounting to Rs 12,554 crore, registering a growth of 253 percent YoY.
Paytm claims its vision is to onboard 10 crore merchants with over 50 crore payment users in the near future. The decacorn has seven lending partners and they aim to enlist 3-4 partners in FY 2024.
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( With inputs from www.siasat.com )

May 5, 2023
Infosys shares fall over 9%; mcap declines by Rs 59349 cr post-Q4 earning report

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New Delhi: Shares of Infosys on Monday tanked more than 9 per cent, wiping out Rs 59,349.66 crore from its market valuation after the company reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24.
The stock tumbled 9.40 per cent to settle at Rs 1,258.10 on the BSE. During the day, it plunged 12.21 per cent to Rs 1,219 — its 52-week low mark.
On the NSE, it fell 9.37 per cent to finish at Rs 1,259.

Infosys was the biggest drag on both the benchmark indices Sensex and Nifty.
The company’s market valuation also declined by Rs 59,349.66 crore to Rs 5,21,930.34 crore.
The 30-share BSE Sensex fell 520.25 points or 0.86 per cent to finish at 59,910.75, pulled down by Infosys and weak trends in other IT counters.
“The real damage was done by the frontline IT stocks with Infosys coming under severe hammering after its corporate earnings failed to meet street estimates. Besides disappointing results, worries of weak IT spending by multinational giants on gloomy economic conditions and recessionary fears have weighed heavily on the sector over the past few months,” Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said.
Other IT firms also faced heavy drubbing, with Tech Mahindra, HCL Technologies, Tata Consultancy Services and Wipro falling in the range of 1-5.25 per cent.

The IT index tanked 4.77 per cent to settle at 26,887.72.
“The worse-than-expected Q4 results from Infosys with only 4-7 per cent revenue growth for FY24 will drag down IT stocks impacting the Nifty,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
On Thursday, Infosys reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24 amid the tightening of IT budgets by clients following turmoil in the US banking sector.
Infosys’ latest report card was a disappointment on several fronts – the company missed revenue guidance for FY23 hit by “unplanned project ramp downs and decision-making delays by some clients”, the company said.
With global macroeconomic uncertainties looming, it has given a subdued 4-7 per cent revenue growth forecast for FY24, with top management cautioning that “the environment remains uncertain”.
The company had last given single-digit revenue guidance in FY19.
India’s second-biggest software services firm posted a 7.8 per cent year-on-year growth in consolidated net profit at Rs 6,128 crore for the March quarter. But the profit fell 7 per cent when compared to the preceding December quarter.
Revenue growth in constant currency for FY23 came in at 15.4 per cent, lower than the guidance. Notably, during the Q3 earnings announcement in January this year, Infosys — which competes in the market with Tata Consultancy Services (TCS), Wipro and other IT firms — had raised FY23 revenue guidance to 16-16.5 per cent (against the previously projected band of 15-16 per cent).
Infosys’ Q4 year-on-year growth was 8.8 per cent and the sequential decline was 3.2 per cent in constant currency terms.
Revenue rose 16 per cent year-on-year in the fourth quarter of FY23 to Rs 37,441 crore but declined 2.3 per cent when compared to December 2022 quarter.
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( With inputs from www.siasat.com )

April 17, 2023
Techies earning up to USD 1 mn a year laid off at Big Tech firms

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San Francisco: As Big Tech layoffs dominate headlines, more details have emerged on which verticals and senior executives earning up to $1 million annually bore the maximum brunt at Google, Microsoft, and Amazon.
At Google, laid-off employees included those who had previously received high performance reviews or held managerial positions “with annual compensation packages of $500,000 to $1 million,a reports The Information.
According to the report, 12,000 impacted employees belonged to every department, from Google Cloud and Chrome to Android and “search-related groups under senior executive Prabhakar Raghavan”.
Google Cloud laid off people in strategy, recruiting, and go-to-market teams, the report mentioned.
Google’s parent company Alphabet’s in-house research and development (R&D) division called Area 120 was also significantly hit.
Majority of the Area 120 team has been “winded down”.
At Microsoft, which laid off 10,000 employees, game development studios like Halo were the biggest hit. Other cuts impacted its mixed-reality (MR) headset teams.
Microsoft has also shut down AltspaceVR virtual reality-based social platform it acquired in 2017.

Amazon’s layoffs included jobs in the devices and services division.
The job cut affected nearly 2,000 people in hardware chief Dave Limp’s division, which is home to products like Alexa and Echo smart home devices.
CNBC reported the layoffs also included a “significant number” of employees working on the Prime Air drone delivery project.
Amazon will also shut down its charity donation programme, “AmazonSmile”, as it failed to create the impact the company hoped for.
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( With inputs from www.siasat.com )

January 23, 2023