Paytm swings to profit in Q1, 1st for core business

MUMBAI: Paytm swung to profit in the June quarter after two straight quarters of losses, posting internet earnings of Rs 123 crore on a consolidated foundation as makes an attempt to verify prices and streamline operations leveraging AI paid off. This is the corporate’s first quarter of profit from its core business.The fintech, whose business was impacted after RBI’s directive to wind down its banking unit final yr due to non-compliance, posted its first profit in Q2FY25 however it was due to a one-time achieve accrued by the sale of its leisure ticketing business to Eternal (previously Zomato). Paytm reported losses of Rs 840 crore in the year-ago quarter. Revenue from operations elevated to Rs 1,917.5 crore in Q1 from Rs 1,501.6 crore.