Tag: FY23

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
GST mop-up in March at Rs 1.60 lakh cr second highest ever, FY23 gross collection up 22%

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New Delhi: GST collections in March grew 13 percent to the second highest ever at Rs 1.60 lakh crore, taking the growth rate of revenue mop-up for full 2022-23 fiscal to 22 percent.
March also saw over 91 percent of the GST registered businesses filing returns and paying taxes reflecting greater compliance and improving economic activity.
Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess is Rs 10,355 crore, the finance ministry said in a statement.

In April 2022, GST collection had touched a record high of close to Rs 1.68 lakh crore. The second highest mop-up was recorded in March 2023, at a little over Rs 1.60 lakh crore.
For full 2022-23 fiscal year, gross Goods and Services Tax (GST) mop-up grew 22 percent to Rs 18.10 lakh crore. The average gross monthly collection for the full year is Rs 1.51 lakh crore.
March is the fourth time in the just gone by financial year that the monthly gross GST collection has crossed Rs 1.5 lakh crore-mark. Last month also witnessed the highest IGST collection ever, the ministry said.
Revenue for the month of March 2023 is 13 percent higher than the GST revenue in the same month last year, the ministry said. During the month, revenue from import of goods was 8 percent higher and revenue from domestic transaction (including import of services) is 14 percent higher than the revenue from these sources during the same month last year.
The ministry said return filing during March 2023 has been the highest ever. 93.2 percent of statement of invoices (in GSTR-1) and 91.4 percent of returns (in GSTR-3B) of February were filed till March 2023 as compared to 83.1 percent and 84.7 percent, respectively a year ago.

KPMG in India Partner Indirect Tax Abhishek Jain said the monthly and yearly GST collection point towards the growing trajectory of the Indian economy.
“Another cheer point is the highest ever compliance rate with 91.4 percent of returns being filed in the month of March, indicating success of revenue authorities and businesses in ensuring tax compliance and preventing tax evasion,” Jain said.
Deloitte India , Partner, Leader – Indirect Tax, Mahesh Jaising said with the growth in economic activity and increased focus on GST analytics based audits, the trend should see upward trajectory in the coming months.
“Also, with the new FTP being rolled out from today, we have to wait and watch the impact on the import-export which is expected to have a role in GST collections too,” Jaising said.
Tax Connect Advisory Partner Vivek Jalan said businesses are also understanding that robust compliance is the way forward under GST and a significant boost in GST return filing taking the compliance ratio to more than 90 percent from early 80 percent shows that Indian businesses are fast moving into the mainstream.
This would enhance the Income Tax revenues also and lead to overall GDP growth, Jalan added.
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( With inputs from www.siasat.com )

April 1, 2023
Telangana logged highest inflation in FY23: Economic Survey

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Hyderabad: Telangana has the highest inflation rate in the country, revealed the Economic Survey 2022-23 tabled in the Parliament on Tuesday by Finance Minister Nirmala Sitharaman.
According to the report, Telangana has an inflation rate of 8.7 percent between April and December 2022 against the national average of 6.8 percent for the same period.
The report also shows that the inflation in rural Telangana was 9.2 percent while it was 8.3 percent in the urban areas.
Telangana, West Bengal, Maharashtra, Madhya Pradesh, Haryana, and Andhra Pradesh saw especially high rates of inflation in 2022-23.
Fuel and clothing were the major contributors for the surge in inflation. Another contributing factor was food inflation due to high prices of tomatoes as a result of crop damage and supply disruption due to unseasonal heavy rains in states like Telangana, Karnataka, Tamil Nadu, and Andhra Pradesh between April-December 2022.
Reacting to the Economic Survey report, Telangana BJP President Bandi Sanjay Kumar blamed the Bharat Rashtra Samithi (BRS) government for the high inflation.
Sanjay said that fuel is a major contributor to rise in inflation. “BRS government won’t reduce VAT on petrol/diesel prices even though the Centre and majority of states reduced it. KCR continued to push the burden on common man,” he said.
The BJP leader also slammed the BRS for boycotting President Droupadi Murmu’s address to the joint session of both houses of the Parliament. “It is a shame that the BRS boycotted the speech when an adivasi woman was addressing both houses of Parliament for the first time after being elected President,” tweeted Sanjay, who is also a Member of Parliament.

Union Minister G. Kishan Reddy has also attacked BRS for boycotting the President’s speech. “Skipping 1st joint address of Hon’ble President shows total lack of respect for a tribal daughter of India Time to respect India’s highest office and institutions,” tweeted the minister.
He alleged that BRS and Chief Minister KCR’s only focus is his own family. He said they have no respect for the Constitution, conventions, and common courtesies.
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#Telangana #logged #highest #inflation #FY23 #Economic #Survey
( With inputs from www.siasat.com )

January 31, 2023
Vistara reports net profit, crosses $1bn revenue mark in FY23

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New Delhi: Vistara, a joint venture of Tata Sons and Singapore Airlines, has reported a net profit (excluding unrealized foreign currency loss and non-operating income) for the quarter that ended December 2022.
The airline crossed the $1 billion revenue mark and remained EBITDA positive in the current fiscal year and reported break-even for the first time in the quarter.
Vistara on Monday said that it delivered remarkable results for the first time since its inception in 2013.
The airline achieved its highest-ever domestic market share of 10.4 percent in July 2022 and maintained its position as the second-largest domestic airline in India since then, flying more than 11 million passengers in the calendar year 2022.
Vistara also registered an 11 percent year-on-year growth in the member base for its frequent flyer program, Club Vistara.
Vistara grew its international network by over 180 percent in 2022, by adding seven additional routes including three new destinations (Jeddah, Abu Dhabi, and Muscat).
It also grew its domestic network by over 50 percent, by adding six new routes including two new destinations (Coimbatore and Jaipur).
For the quarter that ended December 2022, the airline grew its capacity by 37 percent and passengers by 47 percent compared to the same period last year.

The airline recorded the second-highest on-time performance at four key metros and over 85 percent domestic load factor for most of the year in 2022.
This year, Vistara became the only Indian airline to be featured in Skytrax’s list of the World’s Top 20 airlines.
The airline currently has over 5,000 employees and operates close to 8,500 flights per month.
Vinod Kannan, Chief Executive Officer, of Vistara, said: “With significant network and fleet expansion and sustained growth over the last few months, 2022 has been a phenomenal year for Vistara in terms of our operational and financial performance. Each member of the Vistara family is incredibly proud of our collective achievements in an extremely challenging business environment that included the third wave of the pandemic and escalating costs. We are now aiming for higher goals as we enter the next phase of our growth journey.”
Vistara has augmented its operations from its hubs in Delhi and Mumbai and currently operates more than 75 and 50 daily domestic departures from the two cities, respectively.
With the delivery of 10 aircraft and the re-delivery of eight aircraft, the airline expanded its fleet size to 53 in 2022, said the airline.
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( With inputs from www.siasat.com )

January 23, 2023