Shares of Paytm traded in the green after the company said its loan growth was strong during the two months ended August. The company registered manifold growth in loan disbursal and loan value.
In an exchange filing on September 6, the company said its loan distribution business scaled to 60 lakh loan disbursals during the two months ended August 2022, growing 246 percent year-on-year, aggregating to loan disbursements of Rs 4,517 crore, which rose 484 percent.
The company said loan disbursals were happening at an annualised run rate of Rs 29,000 crore ($3.6 billion) in August.
“The total merchant gross merchandise value (GMV) processed through our platform for the two months ended August 2022 aggregated to Rs 2.10 lakh crore ($26 billion), marking a YoY growth of 72 percent,” the firm said.
The company said the Paytm Super App continues to see heightened consumer engagement for the company’s comprehensive payment offerings. “We continue to drive user engagement, with the average monthly tracked user (MTU) for the two months ended August 2022 at 78.8 million, registering a growth of 40 percent YoY,” Paytm said.
The company has been posting strong growth in its lending business in recent quarters.
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The update comes at a time when the shares were under pressure due to the Enforcement Directorate raid on the company premises in connection with the Chinese loan app case.
Shares of the company were up about 2 percent at Rs 724.75 on BSE.
ICICI Securities is bullish on the stock. The broker has a target of Rs 1285 on the stock.
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