Financial services platform Paytm has no plans to expand internationally or make any acquisitions, the company’s management told shareholders on Friday, even as it reiterated its plan to turn operationally profitable by September-end 2023.
Speaking at the company’s first annual general meeting, Paytm managing director and chief executive officer Vijay Shekhar Sharma answered questions on the company’s depressed stock price, when the company’s shares will reach the issue price of ₹2,150, and when it will achieve profitability.
“There is a difference between a small company becoming profitable and a big company becoming profitable. Our ambition is to be a large-scale company and become profitable,” Sharma said, speaking largely in Hindi, in his response to shareholder questions on the profitability timeline. Paytm’s losses widened to ₹644 crore in the first quarter of FY23 from ₹380.2 crore in the corresponding quarter last year, although its revenue rose over 86% for the same period. Paytm shares closed at ₹771.85 on Friday, recovering 4.66% over the last month.
Paytm on track to become profitable next year: CEO Vijay Shekhar Sharma
