Paytm losses for the year on a standalone basis reduced from INR 2,833.18 crores in FY 2019-20 to INR 1,560.20 crores in FY 2020-21. The Company has not earned net profit in three immediately preceding financial years.
India’s leading digital financial services platform Paytm reported no CSR spend during the year 2020-21.
In terms of the Section 135(5) of Companies Act, 2013, the Company is not fulfilling the criteria of having average net profit for immediate three preceding financial years. Accordingly, the Company is not required to spend any amount in the Corporate Social Responsibility (CSR) activities during the financial year.
The Company has not earned net profit in three immediately preceding financial years, therefore, there was no amount as per section 135 of the Act which was required to be spent on CSR activities in the current financial year by the Company.
However, the Company has spent an amount of INR 0.43 (March 31, 2020: INR 0.82) as CSR expenditure, the company annual report revealed.
The Company was incorporated on October 13, 2020.
Paytm losses for the year on a standalone basis reduced from INR 2,833.18 crores in FY 2019-20 to INR 1,560.20 crores in FY 2020-21. Its losses for the year on consolidated basis reduced from INR 2,942.36 crores in FY 2019-20 to INR (1,701.01) crores in FY 2020-21.
Covid-19 continues to spread across the globe and India. This has an impact on all local and global economic activities.
The Company believes that it has taken into account all the possible impact of known events arising from COVID-19 pandemic in the preparation of standalone and consolidated financial statements. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration.
Vijay Shekhar Sharma, Ravi Chandra Adusumalli, Member and Mark Schwartz are among the CSR committee members.
Varun Sridhar, CEO – Paytm Money said, “In the last one year we have seen a transformation in the way our users invest. Through education, open dialogue on investments, we have been able to open up more users to the idea of wealth creation along with products that help in building a strong portfolio. We believe that wealth management in the country needs to be democratized, embraced, and adopted by all.”