| Revenue growth | 28% YoY, two consecutive quarters; 30s ex-PIDF base effect. |
|---|---|
| Margins | NPM 9 bps ex-UPI, up from 8.5 bps; DLG drag on EBITDA. |
| Demand visibility | Personal and merchant loan tailwinds; travel, equities, gold soft. |
| Management confidence | Balanced: Vijay bullish, Madhur measured, evasive on consumer competition. |
Growth
28% growth, two consecutive quarters; 30s excluding PIDF base effect. Net payment margin rose to 9 bps ex-UPI; P2M GMV flat QoQ.
Outlook
UPI MDR ~2.5 bps (~₹700 Cr at current GMV); no revenue growth guidance given. Indirect cost growth below half of revenue growth.
Risks
Lumpy DLG accounting drags EBITDA; MDR timing uncertain; consumer competition answer evasive; AI and cloud costs rising.
Last quarter's promises, checked
Delivered
- ~22% growth (analyst-cited) → 28% YoY (= BEAT)
- NPM rising each qtr → 9 bps ex-UPI (= BEAT)
- Personal loan growth → loan tailwinds (= BEAT)
Partly delivered
- 15-20% EBITDA margin in 2-3 yrs (Q1 8%) → no margin disclosed (= PARTIAL)
- AI revenue line in <1 yr → timing unclear (= PARTIAL)
Missed
- Travel behind plan → travel soft (= MISS)
- Wealth size in 4 qtrs → equity broking soft (= MISS)
Earnings Call Transcript filed with BSE, NSE: PAYTM. Summary written with AI assistance from the document.
One97 Communications Ltd: key numbers
- Share price
- ₹1,634.30
- Market cap
- ₹1,04,984 Cr
- Revenue (annual)
- ₹8,437 Cr
- Net profit (annual)
- ₹553.0 Cr
- P/E (TTM)
- 122.8×Sector 23.5×
- Promoter holding
- 0.00%+0.00% QoQ
- FII holding
- 43.52%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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