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Yes Securities Report
We upgrade One 97 Communications Ltd. to Buy for the first time since we started covering it from the time of its listing, when we had begun with a Sell rating. We note that-
Paytm's dependence on the wallet business for revenue had already declined materially to only about one-sixth of payments revenue,
The NPCI approval to Paytm to participate in UPI as a third-party application provider in the multi-bank model keeps Paytm's UPI business intact,
Client loss due to reputational damage and on-ground confusion will be well contained,
Loan distribution has undergone a reset but partner addition will be supportive,
While both the wallet and buy-now-pay-later businesses are now under cloud, the past successes underline the competitive DNA of Paytm as an organisation.
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