Latest news with #NishitNavin
The Star
22-07-2025
- Business
- The Star
Indian fintech firm Paytm swings to profit, expects further boost
FILE PHOTO: A man stands at the Paytm stall during the Global Fintech Fest in Mumbai, India, August 29, 2024. REUTERS/Francis Mascarenhas/File photo (Reuters) -Indian fintech firm Paytm swung to a profit for the first time since September 2024, driven by robust growth in its lending business and tight cost controls, and said it expects a further improvement in earnings. The company posted a net profit of 1.23 billion rupees ($14.24 million) for the quarter ended June 30. It had last posted a profit in the September 2024 quarter due to a one-time gain from the sale of its ticketing business. The firm had posted a loss of 8.39 billion rupees in April-June a year earlier after the central bank ordered a shut down of its banking unit in January 2024. Since then, Paytm has increased its focus on core businesses and cut expenses and had projected a profit for the June quarter, when its revenue rose 28% to 19.18 billion rupees. Revenue from financial services, which includes the loan business, doubled year-on-year and that from payment services climbed 18%. Analysts said that Paytm logged strong growth in the merchant lending segments even as growth in personal loans stayed weak amid tightening of credit in the segment. "For personal loans, based on the current trends, there are early signs of recovery," Paytm said. Its expenses fell 19% year-on-year to 20.16 billion rupees during the quarter. Earnings before interest, taxes, depreciation, and amortization before the cost of employee stock options, a key metric, stood at 1.02 billion rupees. Paytm's shares rose 3.3% to a seven-month high before the results. ($1 = 86.3470 Indian rupees) (Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)
Global News
15-07-2025
- Business
- Global News
Air India starts restoring some flights paused after crash
Air India said on Tuesday it would partially restore its international flight schedule that was scaled back following the crash involving its flight last month that killed 260 people. As part of the restoration, Air India will start a thrice-weekly service between Ahmedabad and London Heathrow from August 1 to September 30, replacing the currently operating five-times-a-week flights between Ahmedabad and London Gatwick. A Boeing 787 Dreamliner bound for London from the Indian city of Ahmedabad began to lose thrust and crashed shortly after takeoff on June 12. All but one of the 242 people on board and 19 others on the ground were killed. 2:21 Air India plane crash report shows pilot confusion over engine switch movement Air India reduced some of its international flights following the crash as part of a 'safety pause' that the carrier said allowed it to perform additional precautionary checks on its Boeing 787 aircraft. Story continues below advertisement The partial service resumption will see some flights being restored from August 1, with full restoration planned from October 1, 2025, Air India said. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy As part of the partial resumption, Air India has reduced flights to some destinations in Europe and North America. These include reductions in the frequency of Delhi-to-Paris flights to seven times a week from 12, effective August 1. Flights on the Delhi-Milan route have been reduced to three times a week from four earlier. The frequency of flights from Mumbai and Delhi to New York JFK has been cut to six times a week from seven earlier, the airline said. –Reporting by Nishit Navin; Editing by Pooja Desai
