BENGALURU, India – Digital payment company Paytm announced Wednesday that it achieved profitability during the fourth quarter, driven by strong performance in its financial services distribution operations and payment processing divisions.
The Indian fintech company recorded consolidated net earnings of 1.84 billion rupees (equivalent to $19.45 million) for the three-month period ending March 31. This represents a dramatic turnaround from the same quarter last year, when the company reported losses of 5.4 billion rupees.
The previous year’s financial results were impacted by a one-time cost related to CEO Vijay Shekhar Sharma’s decision to relinquish his employee stock options.
