Paytm, India’s leading payments and financial services distribution company, has announced Q4FY24 and FY24 results. The company’s core business saw a 25% YoY increase in revenue from operations to ₹9,978 crore in FY24. The growth was driven by accelerated GMV, strong device additions, and the expansion of its financial services distribution business.

The GMV rose 39% to ₹18.3 lakh crore in FY24. Subscription revenues grew significantly, with 1.07 Cr merchants paying for device subscriptions as of March 2024.

FY 2024 has been a landmark year for the company as it achieved its first full year of profitability since IPO, with an EBITDA before ESOP level of ₹559 crore, up by ₹734 crore from the previous fiscal year. The company’s revenue from Payment Services grew by 26% YoY to ₹6,235 crore in FY24, and by 7% YoY to ₹1,568 crore in Q4FY24.

The company received UPI incentives of ₹288 crore for FY24 (recorded in Q4 FY24), compared to ₹182 crore in the previous fiscal. Contribution profit rose by 42% to ₹5,538 crore in FY24, and overall loan distribution increased by 48% to ₹52,390 crore. User engagement on the platform also grew, with average Monthly Transacting Users (MTU) for Q4FY24 rising by 7% YoY to 9.6 crore.

Paytm expects strong revenue growth and improved profitability from Q2FY25, focusing on expanding financial product distribution through bank partnerships and enhancing customer retention and service.