Shares in India's One 97 Communications Ltd, the parent of Paytm, opened 4.6 per cent lower on Monday after the fintech company's net loss for its second quarter widened due to a rise in expenses.
In its first earnings report since going public earlier this month, the company said expenses jumped 37.1 per cent to 1599 billion rupees and consolidated net loss increased to 474 billion rupees from 437 billion rupees a year ago.
Its revenue from operations, however, surged 63.6 per cent to 1086 billion rupees for the quarter ended September.
"Some of the line items in our payment business are not just profit generating but free cash flow generating," Founder and Chief Executive Vijay Shekhar Sharma said in an earnings call for investors on Saturday.
Paytm, which counts China's Ant Group and Japan's SoftBank Group among its backers, raised $2.5 billion this month in India's biggest initial public offering, but made a dismal debut on the stock exchanges.
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Published 29 November 2021, 04:53 IST