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Dolat Capital Report
One 97 Communications Ltd. reported Q4 revenues at Rs 23.3 billion, up 51% on YoY basis (13.2% QoQ) led by monthly transacting users growth of 27% and average revenue per user growth of 19% on YoY basis.
Normalised of unified payments interface incentive on accrued basis revenues grew by 5% QoQ and 43% YoY.
Growth was led by continued traction in merchant payment biz., up 14% QoQ (adjusted for UPI incentive), while financial services grew 6.5% QoQ,, led by rising borrower base of ~5 million unique borrowers in Q4.
Adjusted Ebitda continued to gain strength, and stood at Rs 1 billion (last quarter :313 million), even after excluding UPI incentive of Rs. 1.3 billion towards nine months-FY23.
Ebitda margin (excluding-ESOP) improved 300 bps to up 4.5% of revenue from 1.5% in Q3 FY23.
Improving monetisation and large underpenetrated user base provide continued run-way for growth, while sustained focus on profitability affirms our positive stance on Paytm's ability to leverage its scalable fintech platform.
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