One 97 Communications, the operator of mobile payments and financial services company Paytm, has posted a consolidated loss of Rs 571.5 crore for the quarter ended September FY23, widening from a loss of Rs 473.5 crore in same period last year. However, the loss narrowed from Rs 645.4 crore recorded in Q1FY23.

Consolidated revenue from operations for the quarter at Rs 1,914 crore increased by 76.2 percent over corresponding period last fiscal. The sequential increase in top line was 14 percent.

The top line growth was driven by increase in merchant subscription revenues, growth in bill payments due to growing MTU (monthly transaction user) and growth in disbursements of loans through the platform, Paytm said in its BSE filing on November 7.

The company further said its payments services revenue grew 56 percent YoY, led by continued platform expansion across MTU, merchant base, subscription merchants and GMV (gross merchandise value).

Continued growth in subscription (and MDR) revenues from offline merchants, led by ramp-up of devices business, and higher GMV from online merchants in payment gateway business also boosted payments services revenue, it added.

One 97 Communications said revenue in the financial services and others business, which accounted for 18 percent of top line, at Rs 349 crore increased by 293 percent YoY (up 29 percent QoQ) driven by sourcing and collection revenues in loan distribution business.

Total loans disbursed, in partnership with lending partners were 9.2 million during the quarter (up 224 percent YoY and 8 percent QoQ), amounting to Rs 7,313 crore (up 482 percent YoY and 32 percent QoQ), it said.

Paytm exited Q2FY23 with disbursements in loan distribution business at an annualized run-rate of about Rs 34,000 crore.