Paytm Posts Profit in Boon for Founder's Turnaround Effort
Consolidated net income was 1.23 billion rupees ($14.2 million) in the quarter through June, compared with a loss a year earlier, Paytm said Tuesday in a disclosure to stock exchanges. Analysts expected 1.27 billion rupees in losses, on average. The company cut expenses, including employee benefits costs, by 19% compared to the same quarter a year ago. Sales rose 28% to 19.2 billion rupees, the first increase in six quarters.
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