Shares of fintech player One97 Communications, parent of Paytm, rose 6% in early trading on Thursday, 7 May, after the company posted a profit for the fourth quarter in a row, signalling a sustained turnaround.
Paytm share price surged as much as 6.24% to hit the day’s high of ₹1,180 on the National Stock Exchange (NSE).
Paytm Q4 Results
The digital payments firm posted consolidated net profit of ₹184 crore for the quarter ended March 31, compared with a loss of ₹540 crore a year earlier.
In the year-ago quarter, its results were affected by a one-time expense on charges related to CEO Vijay Shekhar Sharma giving up his employee stock options.
Revenue from operations rose 18.4% to ₹2264 crore, driven by a 21% increase in payments services and a 38% rise in financial services distribution revenue.
(This is a developing story. Check back for updates.)