Fintech company One 97 Communications, which operates the payments platform Paytm on Tuesday, reported a consolidated profit after tax (PAT) of Rs 928.3 crore for the quarter ended September 2024, compared to a loss of Rs 290.5 crore in the corresponding quarter of the previous fiscal year, due to a one-time gain.

Paytm's revenue dropped 34% year-on-year (YoY) to Rs 1,660 crore against Rs 2,519 crore in the corresponding quarter of the previous year.

Paytm attributed the profit to a one-time exceptional gain of Rs 1,345 crore on account of the sale of entertainment ticketing business to Zomato earlier this year.

More to come...