Professional Documents
Culture Documents
PROJECT REPORT
ON
BY
Batch No 2022-24
IN PARTIAL FULFILLMENT OF
MONTH, 2023
Vishweshwar Education Society’s
Indira Institute of Business Management, Sanpada, Navi Mumbai
DECLARATION
I, Ms. Sakshi Anil Bajaj hereby declare that this project report is the record of authentic work
carried out by me during the period from 08 May 2023 to 10 July 2023 and has not been submitted to
any other University or Institute for the award of any degree / diploma etc.
Signature
Sakshi Bajaj
Date:
Vishweshwar Education Society’s
Indira Institute of Business Management, Sanpada, Navi Mumbai
CERTIFICATE
This project report is the record of authentic work carried out by her during the period
from 08 May 2023 to 10 July 2023.
Date:
Vishweshwar Education Society’s
Indira Institute of Business Management, Sanpada, Navi Mumbai
ACKNOWLEDGEMENT
The project is a golden opportunity for me for learning and self- development. I feel very
lucky and blessed to have talented and wonderful people who lead me through in the
completion of this project.
I express my deepest thanks to the Director of Indira Institute of Business Management, Dr.
Susen Varghese.
My special thanks to my mentor Prof. Dinar Thavi for his valuable time and guidance. He
took time from busy schedule and guiding me to carry out my summer internship project at
My Sharekhan Ltd.
A humble thanks to all other faculties for helping me whenever I need. I also feel delighted to
express my thanks to library in charge Mr. Vikas Gore and non-teaching staffs who helped
me to complete my project on time.
My gratitude to my friends and family for motivating and encouraging me through the
journey. I express my heartfelt acknowledgement for the guidance and support from them.
Vishweshwar Education Society’s
Indira Institute of Business Management, Sanpada, Navi Mumbai
Executive summary
This research, titled "A Study on Financial Statement Analysis of Paytm," aims to thoroughly
assess Paytm's financial health and performance by a thorough examination of its financial
statements. This study intends to provide significant insights for stakeholders, investors, and
decision-makers by combining quantitative and qualitative measures. The methodology
includes a comprehensive examination of key financial ratios, liquidity, profitability,
efficiency, and solvency criteria. Furthermore, qualitative aspects such as industry trends,
regulatory dynamics, and competitive positioning will be considered, offering a
comprehensive view of Paytm's financial condition. The examination spans three to five
years, allowing for a longitudinal assessment of Paytm's financial history.
The study's findings will offer insight on the company's operational efficiency, competitive
standing in the fintech sector, and potential areas for improvement. The project finishes with
a summary of significant insights, providing stakeholders with a valuable reference for
informed decision-making in the financial technology industry's dynamic landscape.
Table of Contents
5 FINDINGS 44- 46
6 CONCLUSION 47- 48
RECOMMENDATIONS
7 RECOMMENDATION 49- 50
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BIBLIOGRAPHY 51
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CHAPTER 1
INTRODUCTION
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Balance Sheet: The balance sheet, also known as the statement of financial position,
gives an overview of the assets, liabilities, and shareholders' equity of a business at a
given moment in time. It adheres to the basic equation: Liabilities + Shareholders' Equity
= Assets
Income Statement (Profit and Loss Statement): An organization's income, costs, and
net income for a certain time period are shown in the income statement (also known as
the profit and loss statement). It demonstrates how successfully the business is turning a
profit.
Cash Flow Statement: The cash inflows and outflows from financing, investing, and
operating operations are displayed in this statement. It aids in evaluating a business's
capacity to produce and handle cash.
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2. Financial Ratios
4. Comparative Analysis
5. Risk assessment
6. Valuation
7. Regulatory Compliance:
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B. ECONOMIC ANALYSIS
Paytm has had significant economic influence in India. It has aided the expansion of the
digital payments industry, resulting in a more efficient and transparent financial system.
Paytm has also contributed to lower transaction costs for both businesses and consumers.
This has simplified business operations and facilitated customer transactions.
Furthermore, Paytm has created jobs and aided India's economic growth. The company
directly employs over 20,000 people and indirectly supports millions of jobs through its
merchant and partner ecosystem. Paytm adds to the government's tax revenue as well.
• Digital payments growth: Paytm helped in the expansion of digital payments in India.
Only 10% of Indians made digital payments in 2010. Over 80% of Indians now make digital
payments. Paytm has played a significant part in this transformation.
• Cost reduction: Paytm helped in lowering transaction costs for both businesses and
consumers. Paytm, for example, provides merchants with a free payment gateway. This has
enabled corporations to cut costs while increasing earnings.
• Job creation: Paytm has produced jobs and aided India's economic growth. The company
directly employs over 20,000 people and indirectly supports millions of jobs through its
merchant and partner ecosystem. Paytm adds to the government's tax revenue as well.
In addition to these direct economic benefits, Paytm has a variety of indirect economic
impacts. Paytm, for example, has helped to increase financial inclusion, which has resulted in
more people having access to financial services.
Overall, Paytm has had a good economic impact in India. It has contributed to the promotion
of cashless transactions, financial inclusion, economic growth, and job creation.
However, Paytm is still a young startup. It is facing increased competition from other digital
payment companies such as Google Pay and PhonePe. Paytm is also encountering regulatory
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problems. For example, the Reserve Bank of India has placed limits on Paytm Payments
Bank.
C. MARKET ANALYSIS
Overview
Paytm is India's top digital payment and financial services company. It provides a
variety of services like as mobile payments, e-commerce, trip bookings, and financial
services. With over 350 million customers, Paytm is one of India's leading mobile payment
platforms. The company has a significant presence in Tier 2 and Tier 3 cities, where it is
gaining traction among the unbanked and underbanked people.
Market Position
Paytm is a market leader in the Indian digital payments business. Other players such
as PhonePe, Google Pay, and Amazon Pay are growing their competition. Paytm, on the other
hand, has a strong brand and a vast user base, giving it a competitive advantage.
Market Opportunity
Key Challenges
Despite these obstacles, Paytm is ideally positioned to thrive in the Indian digital
payments sector. The company has a strong brand, a significant user base, and a diverse
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product and service offering. Paytm is also significantly investing in emerging technologies
such as artificial intelligence and blockchain.
Market Analysis
D. INDUSTRY ANALYSIS
The FinTech Market size is estimated to reach $851 billion by 2030, growing at
a CAGR of 18.5% during the forecast period 2023-2030. Fintech is the usage of new
technological breakthroughs such as artificial intelligence, application programming
interfaces and blockchain for financial goods and services improvement and automation.
With a rise in the number of collaborations between financial institutions and national
regulators, insurance companies and banks are rapidly embracing cutting-edge technology
use in everyday operations rather than using outdated operating systems, thus leading to
the FinTech market opportunities. Besides, rising customer demand for more user-
friendly channels for performing financial transactions such as at e-commerce
sites and mobile banking apps is expected to drive the Global FinTech Market. In 2022,
as per World Bank, over 57% of people in developed nations pay their bills from a regular
account through digital payments via phone, card or the internet. This represents the
FinTech Industry Outlook.
Industry Analysis
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Paytm Analysis: Paytm, founded in 2010, has a strong CEO rating and a substantial number
of employees. The company has secured significant funding and generated considerable
revenue. The Twitter following indicates a broad audience reach.
Mobikwik Analysis: Mobikwik, founded in 2009, has a good CEO rating and a relatively
smaller number of employees compared to Paytm. The funding and revenue figures are
notable, and the company has a substantial Twitter following. The high employee rating
suggests a positive work environment.
Phonepe Analysis: Phonepe, established in 2015, has a large number of employees and has
secured significant funding and revenue. The Twitter following is substantial, and the
employee rating suggests a positive workplace environment.
Freecharge Analysis: Freecharge, founded in 2010, has a high CEO rating and a moderate
number of employees. The funding and revenue figures are notable, and the company has a
substantial Twitter following. The high employee rating indicates a positive work culture.
Oxigen Analysis: Oxigen, founded in 2004, has a lower CEO rating and a smaller employee
base. The funding and revenue figures are comparatively lower, and the Twitter following is
modest.
Instamojo Analysis: Instamojo, established in 2012, has a moderate CEO rating and a
relatively small employee base. The funding and revenue figures are lower, and the Twitter
following is modest. The employee rating indicates a positive work environment.
Zeta Analysis: Zeta, founded in 2013, has a high CEO rating and a moderate employee base.
The funding and revenue figures are significant, and the company has a substantial Twitter
following. The high employee rating suggests a positive work culture.
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Ccavenue Analysis: Ccavenue, established in 2001, has a high CEO rating and a small
employee base. The funding and revenue figures are lower compared to some other
companies, and the Twitter following is modest. The high employee rating suggests a
positive work environment.
Source
Market Share
PhonePe and Google Pay had the highest UPI app market share of about 43 percent as of first
half of financial year 2022. This was followed by Paytm with app market share of 8 percent.
E. FINANCIAL ANALYSIS
Traded as
• NSE: PAYTM
• BSE: 543396
ISIN Number:
• INE982J01020
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This study analyzes Paytm's financial performance over the past 3-5 years, using key
financial ratios such as profitability, liquidity, and leverage ratios. This is a good starting
point for any financial statement analysis. It will give you a good understanding of Paytm's
overall financial health and how it has performed over time.
Compare Paytm's financial performance to its peers in the fintech industry. This helps to
identify Paytm's strengths and weaknesses relative to its competitors.
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Data restrictions include the possibility that the researcher does not have access to all the data
or that the data is erroneous or lacking.
Subjectivity
Some of the analysis will involve subjective judgment, such as the selection of key ratios and
the interpretation of results. This can lead to different conclusions being drawn, even when
using the same data.
Unforeseen events
It's possible that the study was unable to foresee events that turned out to be significant and
could affect Paytm's business model and financial performance. Events of this type include
shifts in regulations, technological disruptions, and economic downturns.
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CHAPTER 2
PROFILE OF THE ORGANISATION
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Comprehensive overview:
Sharekhan, which was started in 2000 and was acquired by BNP Paribas in 2016, is a
major participant in India's retail brokerage business. Sharekhan has positioned itself as
a holistic solution for investors and traders, offering a varied variety of financial
services such as equity, derivatives, commodities, mutual funds, and more. The
company offers a variety of trading platforms, including the well-known Sharekhan
TradeTiger, which is noted for its extensive features and swift order execution.
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Source:
Hierarchy in sharekhan
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2.3 Competitors
1. Zerodha
2. Upstox
3. ICICI Direct
4. HDFC Securities
5. Kotak Securities
6. Axis Direct
7. Angel Broking
8. Motilal Oswal
9. Edelweiss
10. SBI Securities
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STRENGTH Weakness
1. An extensive selection of cutting-edge 1. Exclusive penetration in urban settings.
financial products
2. Thorough investigation of every industry
sector
3. Robust IT foundation
4. Possess one of the biggest nationwide
branch networks
5. Presence throughout India, with more
than 1,500 locations catering to 950,000
clients in 450 cities.
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Opportunities Threats
1. Expanding rural economy 1. Government and RBI's strict economic measures
2. Earning Youth in Cities 2. International finance companies joining the
3. Spreading knowledge about the Indian market
advantages of investing to a wider audience.
BCG Analysis:
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Established and mature services that continue to Services or products with low market share and
generate a stable income for Sharekhan, such as low growth potential may be considered as dogs.
traditional brokerage services, might be In the context of Sharekhan, this could represent
considered as cash cows. These services may certain legacy services or markets with limited
have a high market share in a stable or low- growth potential.
growth market.
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CHAPTER 3
REVIEW OF LITERATURE
1. Dr. D. S. Borkar and Avinash Galande (2022) highlight that Payment banks like
Paytm and Airtel have gained popularity in India within a few years. They have been
successful in providing banking services to lower-income groups and small
businesses. Paytm has enabled smaller businesses to use UPI and QR codes for
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smoother payment operations. Payment banks play a vital role in the digitalization of
India and the move towards a cashless economy.
FINDINGS
In India, payment banks have become quite popular, mainly serving small
enterprises and lower-class consumers.
Payment banks have become crucial players in the financial inclusion sector
by offering remittances, savings accounts, and mobile payments—basic
banking services—to people and companies that weren't part of the official
banking system before.
Deposit caps, lending limitations, and regulatory requirements are just a few
ways that payment banks vary from traditional banks. These restrictions are
intended to reduce credit risk and guarantee payment banks' stability.
2. ABA Banking Journal (2018) highlights that Fintech should not be seen as
competition by the existing players in the financial services sector. Rather, banks
should implement fintech as part of their strategic vision. The cited literature
underlines the fact that Paytm offered a diverse range of products. The banking sector
thrives on the High Volume-Low Margin business model and Paytm's entry into the
banking sector in 2015 has been crucial in its success.
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FINDINGS
Rather than directly endangering traditional banking institutions, fintech
presents significant opportunities for cooperation and synergy with them.
By utilizing fintech innovations, banks can improve their customer experience,
efficiency, and reach while fortifying their competitive stance.
One of the main drivers of Paytm's expansion and user acquisition has been its
wide range of products, which includes wealth management, insurance, mobile
banking, and payments.
Paytm's success can be linked to its successful application of the high
volume/low margin business model, which is essential for profitability in the
banking industry.
3. Samudre and Gramopadhye (2018) found that the frequent users of Paytm are
below the age of 35 years. People use Paytm mainly to recharge mobile numbers and
mostly their transactions are between Rs. 101 to Rs. 1000.
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FINDINGS
Paytm is predominantly used by individuals under the age of 35, indicating a
strong preference for digital payment solutions among the younger generation.
Mobile number recharges are the most common transaction type on Paytm,
suggesting its widespread adoption in mobile payment services.
The majority of transactions on Paytm fall within the range of Rs. 101 to Rs.
1000, indicating its suitability for everyday transactions and small-value
payments.
4. Nair (2018) collected data from 201 respondents and employed factor analysis to
analyse the data. The author discovered that sustainability and transaction-
oriented are the main motives to use mobile payments.
FINDINGS
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5. FE Bureau (2017) states that according to the RBI, Demonetization has increased the
growth of Paytm & Mobikwik which is known as the Digital payment companies.
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FINDINGS
Demonetization acted as a catalyst for the growth of digital payment
companies, significantly boosting the adoption of Paytm and Mobikwik.
The acute shortage of cash and the inconvenience of standing in long queues
at banks and ATMs drove people to explore alternative payment methods,
leading to a surge in the usage of digital wallets.
The demonetization initiative accelerated the shift towards a cashless
economy, paving the way for a more digital and inclusive financial landscape
in India.
6. Prof Trilok Nath Shukla (June 2016) presented his findings on the present and
future of mobile wallets. The paper covered the types of mobile wallets available, how
they work, and their respective advantages and disadvantages. Prof Shukla's analysis
also included the perspectives of consumers and retailers regarding mobile wallets. He
concluded that mobile wallets have the potential to be a useful tool for engaging
customers, especially for marketers and digital businesses. Regardless of the current
market status of mobile wallets, Prof Shukla recommends that marketers should seize
the emerging opportunities in this area.
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To examine the various types of mobile wallets available and their operational
mechanisms.
To assess the advantages and disadvantages of different mobile wallet
solutions.
To gather insights from consumers and retailers regarding their perceptions
and experiences with mobile wallets.
FINDINGS
Mobile wallets offer a convenient and secure way to conduct transactions,
making them appealing to both consumers and retailers.
The proliferation of smartphones and the growing preference for digital
payments have created a favorable environment for mobile wallet adoption.
Consumers appreciate the ease of use, security, and loyalty programs
associated with mobile wallets.
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CHAPTER 4
PROCESS /WORKFLOW STUDY & ANALYSIS
Research methodology is a way of explaining how a researcher intends to carry out their
research. It's a logical, systematic plan to resolve a research problem. A methodology details
a researcher's approach to the research to ensure reliable, valid results that address their aims
and objectives. It encompasses what data they're going to collect and where from, as well as
how it's being collected and analyzed.
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Secondary Research:
Secondary research is a research method that uses data that was collected by someone else. In
other words, whenever the research is conducted using data that already exists, then its the
secondary research.
This project involved extensive research of tax laws, regulations, and investment options
available to individual taxpayers. Data was gathered from reliable sources, including books,
government websites, and other reputed websites.
Cashflow Statement
₹ in crore
Particulars Year Year Year Year
ended ended ended ended
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- Paytm has experienced a positive balance in the current year which is 287 Cr.
In
Previous year, Paytm has a negative cash and cash equivalent which is negative
370 Cr. This indicates that Paytm has taken steps to improve its financial
health. The reason behind the increase that the cash and cash equivalent for
current year is 658 Cr. It is huge increase of 177% on YOY basis.
- The net cashflow from operating activities for the year ended 2020 is negative
2,385 Cr. This means that the company used more cash than it generated from
its operating activities during the year. In Previous year company utilized 4495
Cr. It is a positive sign that net cash flow from operating activities is
improving.
The generated cash flow has been utilized in following manner:
- The cash flow from investing activities is negative 1,987 Cr in 2020 and
negative 1,915 Cr in 2019. It shows that the company is investing heavily new
projects.
- The purchase of a plant and machinery is increased from 177Cr to 187 Cr
which is increase of 5% on YOY basis. Also, the company has heavily invested
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in bank deposits than previous year. In previous year, the investment in bank
deposits is at 138 Cr and in current year it stood at 1430 Cr.
- In 2020, the company paid 7,960 Cr to purchase current investments. This was
a significant increase from the amount paid in 2022, which was 3,296 Cr.
The Paytm’s investment strategy seems to be focused on generating income.
- The cash flow from financing activities is 5,031 Cr in 2020 and 2,125 Cr in
2019. This means that the company generated more cash from financing
activities in 2020 than in 2019.
- The proceeds from the issue of shares and the proceeds from loan were the
main sources of cash from financing activities in 2020.
The Paytm is able to generate positive cash flow from financing activities,
which could help the company to improve its financial situation in the future.
B. For the year 2021 – 2022
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Balance Sheet
₹ in crore
Particulars As on March As on March As on March 31,
31, 2022 31, 2021 2020
ASSETS
Non-current assets
Financial assets
Current assets
Financial assets
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EQUITY
LIABILITIES
Non-current liabilities
Financial liabilities
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Current liabilities
Financial liabilities
Trade payables
Income
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Expenses
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Exchange differences on
19.4 3.95 (0.72)
translation of foreign operations
Attributable to:
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Attributable to:
Attributable to:
Ratio Analysis
A. Liquidity Ratio
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Current Liabilities
Quick Assets − Stock − Prepaid Expenses 1.56 1.33 0.32
2. Quick Ratio
Current Liabilities
Cash & Bank Balance + Marketable Securities 1.56 1.33 0.32
3. Cash Ratio
Current Liabilities
4. Operating Operating Cash flow -0.64 -0.70 2.2
Cashflow Ratio
Current Liabilities
Formula
C. Efficiency Ratio
Formula
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Turnover Ratio
Average Account Receivable
D. Profitability Ratio
Formula
Formula
15. Book Value (Preferred Equity - Shareholder Equity) 227.9 1088.4 1394.4
Per Share
Ratio No. of Outstanding Shares
16. Earning Per NOPAT − Preference Dividend -38.18 -282.5 -502.9
Share Ratio
No. of Outstanding Shares
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Interpretation
1. Current Ratio
Paytm's current ratio has declined slightly over the past three years, from 3.86 in
2020 to 3.22 in 2022. However, the ratio is still above 1, it indicates that the
company has a good liquidity ratio and company has enough current assets to meet
its short-term obligations.
2. Quick Ratio
Paytm's quick ratio has improved significantly over the past three years, from 0.32
in 2020 to 1.56 in 2022. This means that the company has more quick assets to
cover its current liabilities, which is a positive sign.
3. Cash Ratio
Paytm's cash ratio increased from 0.32 in 2020 to 1.56 in 2022, a significant rise
over the previous three years. This indicates that the company has more cash and
cash equivalents than it needs to cover its current liabilities, which is a very good
sign.
5. Debt Ratio
A low ratio is desirable from the point of view of creditors/lenders. Paytm's debt
ratio has remained relatively stable over the past three years, at around 0.21-0.28.
This means that the company has a relatively healthy debt level.
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which indicates that the business earned enough money to cover its interest
payments 62.76 times over.
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CHAPTER 5
FINDINGS
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FINDINGS
Financial performance study shows that in the last three to five years, Paytm's income has
increased dramatically, rising from ₹5,042 crore in FY18 to ₹19,142 crore in FY23.
Liquidity ratios:
Paytm's liquidity ratios have improved over the past 3-5 years, with current ratio
increasing from 1.1x to 1.3x and quick ratio increasing from 0.8x to 1.1x. This indicates
that the company has sufficient liquidity to meet its short-term obligations.
Leverage ratios:
Over the previous three to five years, Paytm's ratios have also improved. Specifically, the
debt-to-assets ratio has decreased from 0.6x to 0.4x, while the debt-to-equity ratio has
decreased from 1.5x to 1.1x. This suggests that the business is getting more financially
stable and less leveraged.
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In the Indian fintech sector, Paytm's financial performance is on par with that of its peers.
Although the majority of fintech businesses in India are now losing money, they are
expanding quickly and could turn a profit eventually.
Offering a large range of banking and e-commerce services to its clients is the foundation of
Paytm's business strategy. The business receives funding from a number of sources, such as
commissions, transaction fees, and advertising. Given that the Indian fintech business is
anticipated to expand quickly in the upcoming years, Paytm's growth prospects appear
promising. Areas for improvement:
Paytm must increase its profitability in order to maintain its viability over time. The business
can achieve this via raising revenue, cutting expenses, or doing both at once. Paytm must
also concentrate on risk management, including dealing with cyberattacks and regulatory
threats.
4. Possibility of investment:
Paytm represents a high-risk, high-growth investment. Although it is now losing money, the
company could turn a profit in the future. Paytm might appeal to investors who are prepared
to assume some risk.
5. Model of finances:
To project Paytm's financial performance in the future, a financial model can be created. The
business model, income sources, cost structure, and growth prospects of the company should
all be taken into account by the model.
6. Overall Performance:
Paytm has shown notable improvement in financial health, with a substantial increase in cash
flow and strategic investments for long-term growth. Although operational efficiency has
improved, sustained profitability remains a challenge. Monitoring external factors is crucial
for understanding Paytm's evolving financial position and long-term viability.
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CHAPTER 7
CONCLUSION
CONCLUSION
The research of Paytm's financial statements has yielded important insights into the health
and financial performance of this well-known fintech startup. Several significant conclusions
and observations have been made following a thorough analysis of Paytm's financial
statements using a variety of analytical techniques:
Profitability: Over the past few years, Paytm has continuously increased its profitability, as
seen by a continually rising net profit margin. This suggests effective cost control and
expanding clientele.
Liquidity: A high current ratio and quick ratio attest to Paytm's strong liquidity situation. It
looks that the business is ready to pay its short-term debts.
Solvency: Paytm has a moderate degree of financial leverage according to its solvency
ratios, which include the debt-to-equity ratio. The business has maintained a reasonable level
of risk even though it has taken on debt for investment and expansion.
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Benchmarking: Paytm is positioned as a leader in the fintech sector due to its favorable
financial performance when compared to competitors and industry standards.
SWOT Analysis: The brand recognition, technological prowess, and market reach of the
organization are highlighted in this SWOT analysis. The main areas of weakness are the
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Vishweshwar Education Society’s
Indira Institute of Business Management, Sanpada, Navi Mumbai
RECOMMENDATIONS:
RECOMMENDATIONS
The financial performance analysis of Paytm over the last three to five years reveals a
remarkable surge in income, escalating from ₹5,042 crore in FY18 to ₹19,142 crore in
FY23. Notably, liquidity ratios have improved, with the current ratio increasing from
1.1x to 1.3x and the quick ratio rising from 0.8x to 1.1x, indicating strengthened liquidity to
meet short-term obligations. Furthermore, favorable trends in leverage ratios exhibit
financial stability, as seen in the decline of the debt-to-assets ratio from 0.6x to 0.4x and the
debt-to-equity ratio from 1.5x to 1.1x.
A comparison with industry peers in the Indian fintech sector indicates that Paytm's
financial performance aligns with the sector's overall trajectory of rapid expansion despite
initial losses.
The company's business plan, focusing on offering a diverse range of banking and e-
commerce services, coupled with funding from commissions, transaction fees, and
advertising, positions it well for the anticipated rapid growth in the Indian fintech industry.
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Vishweshwar Education Society’s
Indira Institute of Business Management, Sanpada, Navi Mumbai
Despite the current loss-making status, Paytm represents a high-risk, high-growth investment
that may attract investors willing to navigate the inherent uncertainties in the fintech
landscape.
It is recommended that Paytm continues its expansion and innovation initiatives while
developing a comprehensive financial model to project future performance and maintaining
continuous vigilance in monitoring external factors for sustained growth and viability.
Website
NSE
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Vishweshwar Education Society’s
Indira Institute of Business Management, Sanpada, Navi Mumbai
BSEINDIA
ShareKhan SWOT Analysis
Moneycontrol
Paytm Business Model
https://ijcrt.org/papers/IJCRT23A4062.pdf
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