One97 Communications, a digital financial services firm, has reported its Q3 2022 results, showing a substantial reduction in its consolidated net loss. The company recorded a net loss of Rs 392 crore in Q3 2022, compared to Rs 778.4 crore in the same period a year ago. The revenue from operations also saw a significant increase, growing 42% from Rs 1,456.1 crore to Rs 2,062.2 crore.
Paytm's CEO, Vijay Shekhar Sharma, announced that the company had achieved its target of operational profitability, excluding ESOP costs, ahead of schedule. In April 2022, Sharma had set a goal of reaching EBITDA before ESOP cost breakeven by Q3 2023, but the company was able to reach this milestone in Q3 2022 itself, three quarters ahead of their initial guidance.
These positive results highlight the company's efforts to improve its financial performance and increase its operational efficiency. The substantial increase in revenue and the reduced net loss demonstrate One97 Communications' commitment to delivering value to its stakeholders.
The financial services industry is rapidly evolving, and companies like One97 Communications are leading the way in delivering innovative digital solutions to meet the changing needs of customers. The company's focus on strategic initiatives and its drive to improve its financial performance will help it continue to grow and succeed in the years to come.
In conclusion, One97 Communications' Q3 2022 results show the company's commitment to delivering value to its stakeholders, while remaining at the forefront of innovation in the digital financial services industry. The positive results are a testament to the company's efforts to improve its financial performance and increase its operational efficiency.
