Paytm Founder and CEO Vijay Shekhar Sharma said in a letter addressed to shareholders on Wednesday that the company will achieve break-even operating EBITDA (earnings before interest, taxes, depreciation, and amortization) in the next six quarters. Where he expressed confidence that the fintech firm will turn out to be a profitable company.
Said this big thing by writing a letter
In the letter, the Paytm CEO wrote that we are encouraged by the speed of our business, and the scale of monetization and operations. We expect this to continue and I believe we will achieve operating EBITDA by the end of September 2023, which is well ahead of most analysts' estimates. We are going to achieve this without compromising on any of our development plans, he said.
The assurance given to shareholders
Vijay Shekhar Sharma, in his letter to shareholders regarding the falling price since Paytm's listing, asked shareholders to rest assured, that the entire Paytm team is committed to building a successful, profitable company and creating long-term shareholder value. Accordingly, my stock grant will be given to me only when our market cap exceeds the level of IPO on an ongoing basis. Significantly, on Wednesday, the share of Paytm's parent company One97 Communication jumped more than four percent.
65 lakh loans disbursed
Meanwhile, the company in a briefing to the stock exchanges said that it has registered strong growth in all its business segments. Paytm also shared that it has got the highest user count on app services as well. In a market briefing, the company said that 65 lakh loans were disbursed during the quarter ended, aggregating to a total value of Rs 3,553 crore. It has registered a year-on-year growth of 374%.
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