New Delhi, May 22 (Reporter) Beleaguered Paytm on Wednesday reported 7 per cent jump in revenue from payment services to Rs 1,568 crore year-on-year basis in January-March or fourth quarter of financial year 2023-24. The company’s core business saw a 25 per cent YoY increase in revenue from operations to Rs 9,978 crore in FY24. The growth was driven by accelerated Gross Merchandise Value (GMV), strong device additions, and the expansion of its financial services distribution business, Paytm said in a release. The GMV rose 39 per cent to Rs 18.3 lakh crore in FY24. Subscription revenues grew significantly, with 1.07 Cr merchants paying for device subscriptions as of March 2024. “FY 2024 has been a landmark year for the company as it achieved its first full year of profitability since IPO…The company’s revenue from Payment Services grew by 26 per cent YoY to Rs 6,235 crore in FY24, and by 7 per cent YoY to Rs 1,568 crore in Q4FY24,” it added. The company received UPI incentives of Rs 288 crore for FY24 (recorded in Q4 FY24), compared to Rs 182 crore in the previous fiscal. Contribution profit rose by 42 per cent to Rs 5,538 crore in FY24, and overall loan distribution increased by 48 per cent to Rs 52,390 crore. User engagement on the platform also grew, with average Monthly Transacting Users (MTU) for Q4FY24 rising by 7 per cent YoY to 9.6 crore. Paytm expects strong revenue growth and improved profitability from Q2FY25, focusing on expanding financial product distribution through bank partnerships and enhancing customer retention and service. Earlier this year, Paytm Payments Bank, parent company of Paytm was barred by the Central Bank RBI from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29, a deadline which was extended till March 15, due to non-compliance of regulations and corporate governance related issues...////...