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One97 Communications’ Vijay Sharma purchases 1.7 lakh Paytm shares worth Rs 11 crore 

One97 Communications

One97 Communications' Vijay Sharma purchases 1.7 lakh Paytm shares worth Rs 11 crore

According to a regulatory filing, One97 Communications’ Managing Director Vijay Shekhar Sharma has purchased 1.7 lakh shares of the company valued at Rs 11 crore. According to the company’s disclosures, Sharma purchased the shares on May 30-31 under the Paytm brand.

Sharma invested a hefty sum of Rs 6.31 crore to buy 1,00,552  stocks on May 30 and 71,469 shares worth Rs 4.68 crore on May 31. In the afternoon session, the company’s shares were trading at Rs 625.75.

As a selling stakeholder in Paytm’s IPO, Sharma was not authorized to buy shares for at least six months, but now that that limitation has expired, he has purchased Paytm shares.

Earlier this month, Sharma wrote a letter to shareholders in which he stated that the company will attain operating EBITDA (EBITDA before ESOP cost) breakeven in the next six quarters. One97 Communications is excited by its commercial momentum, the scope of monetization, and operating leverage, according to him. The company expects this to continue, and he believes the company will reach EBITDA breakeven in the next six quarters (i.e. EBITDA before ESOP costs, and by the quarter ending September 2023), well ahead of most analysts’ estimates. Importantly, the company will accomplish this without jeopardizing our expansion goals.

In a May research, Goldman Sachs stated that the present share price provides a tempting entry point into one of India’s largest and fastest expanding fintech platforms.

Paytm’s IPO price was Rs 2,150 per share, however it began to decrease once it was launched in November. It hit an all-time low of Rs 511 but has been trading in the Rs 600 level for some time.

Paytm ended the previous fiscal year on a high note, with revenue increasing by 89% year on year in the fourth quarter to Rs 1,541 crore, while contribution profit increased by 200% year on year to Rs 539 crore.

Revenue from operations increased 77% year on year to Rs 4,974 crore in 2021-22, while contribution profit jumped 313% year on year to Rs 1,498 crore.

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