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Paytm parent One97 Communications' shares rose on Wednesday after the digital payments company said it saw a surge in loan disbursals in the March quarter. Paytm shares jumped as much as 6.5 percent to Rs 649 apiece on BSE.

In a business update, Paytm said its lending business saw a massive surge in the January-March period. It said the number of loans disbursed through its platform increased 374 percent on a year-on-year basis to 6.5 million. In value terms, the loan disbursals surged 417 percent on year to Rs 3,553 crore, the company said in a statement.

Paytm Founder and CEO Vijay Shekhar Sharma said the company should be operating EBITDA break-even in the next six quarters, well ahead of most analysts' estimates. "Importantly, we are going to achieve this without compromising any of our growth plans," he wrote in a communication to shareholders.

The company said it has scaled its loan disbursement and servicing business in partnership with marquee lenders.

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It also reported robust growth in merchant payments volume. It said its total merchant payment volume (GMV) aggregated to approximately Rs 2.59 lakh crore ($34.5 billion) in the March quarter, up 104 percent on year.

The company said it saw strong sequential trends despite the impact of the festive season in the previous quarter.

It said the Paytm Super App saw record growth in user engagement, with average monthly transacting users (MTU) at 70.9 million, up 41 percent on year.

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(Edited by : Akanksha Upadhyay)

First Published:Apr 6, 2022 3:34 PM IST