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Paytm proposes to cut directorsโ€™ remuneration

EntrackrEntrackr ยท 10m ago
Paytm proposes to cut directorsโ€™ remuneration
Medial

Fintech firm Paytm has proposed to reduce the remuneration paid to its board of directors. The move appears to be a step towards good corporate governance. Lately, the firm drew a penalty for non-payment of stamp duty, and flak from SEBI for certain transactions with its banking unit. The firmโ€™s independent directors will take a haircut in their annual remuneration, according to Paytmโ€™s parent One97 Communication disclosure made to the Bombay Stock Exchange (BSE). The annual remuneration of independent directors at Paytm including Ashit Ranjit Lilani and Gopalasamudram Srinivasaraghavan Sundararajan stood at Rs 1.65 crore and Rs 2.07 crore, respectively. If the proposal gets approval from the board, the annual compensation of each non-executive independent director will be capped at Rs 48 lakh from April 2024, with a fixed portion of Rs 20 lakh, as per the disclosure. The variable component will be linked to attendance at the meetings and overall contribution to various roles. The new remuneration slab is based on the benchmarking done by Paytm and reflects the commitment of board members, said disclosure made to the exchange. Paytm is also seeking re-appointment of Elevation Capitalโ€™s founder Ravi Chandra Adusumalli to its board of directors. Adusumalli has been on the board of the company since it was private. His appointment is also subject to shareholder approval.

Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24

EntrackrEntrackr ยท 1y ago
Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24
Medial

One97 Communication Private Limited, the parent company of Paytm, scaled 25% year-on-year during the fiscal year ending March 2024. The Noida-based firm, however, managed to maintain EBITDA profitability before ESOP throughout the last fiscal year (FY24). Paytmโ€™s revenue from operations grew 25% to Rs 9,978 crore in FY24 from Rs 7,990 crore in FY23, its annual financial statements disclosed through the National Stock Exchange show. Income from payment services accounted for 62.48% of the total operating revenue, which grew 25% to Rs 6,235 crore in FY24. Meanwhile, income from financial services grew by 30% to Rs 2,004 crore. The remainder income came from marketing and other sources. Paytm also made Rs 547 crore from non-operating activities mainly from interest and gain on financial assets, tallying the total income to Rs 10,525 crore in the last fiscal year (FY24). To the tune of other technology firms, its employee benefits accounted for 39.4% of the overall expenditure. This cost surged 21.5% to Rs 4,589 crore in FY24 from Rs 3,778 crore in FY23. This includes Rs 1,466 crore as share-based payment aka ESOPs cost. Its payment processing charges grew 10.9% to Rs 3,280 crore in FY2. Paytmโ€™s software/tech, marketing cum promotional, legal, and other overheads drove its total expenditure up by 15% to Rs 11,645 crore in FY24 from Rs 10,130 crore in FY23. Note: Paytm has booked Rs 1,465 crore of ESOPs and wrote off Rs 227 crore worth of investments which was made to its associate firm Paytm Payments Bank Ltd (PPBL) after RBIโ€™s action. The decent growth and controlled expenditure helped Paytm to reduce its net losses by 20% to Rs 1,422 crore in FY24. Meanwhile, Paytm maintained its EBITDA profitability before ESOP throughout the year which stood at Rs 559 crore in FY24.

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