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Yes Securities Report
One97 Communications Ltd.'s revenue from payments services to merchants rose 46% QoQ to Rs 5858 million, driven by Paytm Wallet, Paytm Postpaid (buy-now-pay-later) and device subscriptions.
Revenue from financial services and others rose 41% QoQ to Rs 1252 million driven by of loans disbursed rising 73% QoQ. Revenue from commerce rose 61% QoQ to Rs 1348 million as business bounced back from Covid-19 impact.
Improvement in contribution profit margin was driven by a decline in payment processing charges as a proportion of gross merchandise , which declined 3 basis points QoQ to 31 bps.
The key driver for this decline is the lower cost of funding money to the wallet because wallet top-ups using unified payment interface are free for Paytm and UPI adoption has risen in this regard.
The other contributing factor was promotion and cashback expenses growing only 6% QoQ.
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