We have announced our Q4FY23 and FY23 results. Our revenue from operations jumped 61% YoY to ₹7,990 Cr in FY23. In Q4FY23. Our revenues grew 51% YoY to ₹2,334 crore. We have further expanded our EBITDA before ESOP costs to ₹234 crore.
In the fourth quarter, we received UPI incentive for the full year at ₹182 crore (up 102% YoY). Including UPI incentives of ₹49 crore for Q4 alone, our EBITDA before ESOP costs was ₹101 crore. For FY23, EBITDA before ESOP we saw a significant improvement of ₹1,342 crore.
You can read the full Q3FY23 financial results report here: https://www.bseindia.com/xml-data/corpfiling/AttachLive/a0860ad8-5735-4bc5-b9e6-365f7766567f.pdf
Our revenue from Payment Services grew by 41% YoY to ₹1,467 Cr in Q4FY23. Excluding prior quarters’ UPI incentive, payments revenue grew 28% YoY. For FY23, led by increase in payment volume, and higher subscription revenue from device merchants, the payment revenue increased 44% to ₹ 4,928 Cr in FY23.
We significantly increased our loan distribution business with revenue from Financial Services and Others growing 183% YoY to ₹475 Cr in Q4 FY 2023 and by 252% in FY 2023 to ₹1,540 Cr. This was largely on account of 364% increase in the value of loans disbursed through our platform.
We continue to monetize Paytm app traffic in the commerce and cloud segment by providing marketing services to its merchants. In Q4 FY 2023, our Commerce & Cloud revenue grew by 23% YoY to ₹392 Cr. In FY 2023, commerce and cloud revenue grew by 38% to ₹1,520 Cr.
We further improved our payment profitability with Q4FY23 net payment margin expanding 158% YoY to ₹687 Cr, while the net payments margin was ₹554 Cr, up 107% YoY after excluding previous quarters’ UPI incentive. In FY23, the company’s net payments margin grew 2.9X to ₹1,970 Cr, demonstrating profitability of payment business despite higher share of UPI.
Driven by continued improvement in payments profitability and increasing mix of high margin businesses like credit distribution, Our contribution margin in Q4 FY 2023 stood at 55%, improving from 35% in Q4 FY 2022. Contribution profit improved from 30% in FY22 to 49% in FY23 of revenue to ₹3,900 Cr, up 160% YoY. Excluding prior quarters’ UPI incentives, like-for-like margin increased to 52% from 35% in Q4FY22.
Our loan distribution business, in partnership with marquee lenders, continues to scale. In Q4FY23, total number of loans grew to 1.2 Cr (up 82% YoY) while the total value of loans amounted to ₹12,554 Cr, growth of 253% YoY, were disbursed through our app across three product offerings — Paytm Postpaid, Personal Loans, and Merchant Loans. As of March 2023, 95 lakh borrowers have taken a loan through the platform. For FY23, total number of loans disbursed grew 163% YoY to 4 Cr loans amounting to ₹35,378 Cr, surging 357% YoY.
As adoption of digital payments for consumers and merchants in India continues, user engagement on the platform continues to grow with average Monthly Transacting Users (MTU) for Q4FY23 increasing by 27% YoY to 9 Cr. Our Gross Merchandise Value (GMV) increased 40% YoY at ₹3.62 Lakh Cr in Q4 FY 2023. With a focus on creating additional payment monetisation, our subscription revenues continue to grow with 68 Lakh merchants paying for device subscriptions as of March 2023, more than doubling its growth YoY from 29 Lakh as of March 2022.
We are well funded considering net cash balance and improving profitability. As of quarter ending March 2023, we have ₹8,275 Cr outstanding as cash balances as compared to ₹9,271 Cr as on March 2022. We completed buyback of 1.56 Cr shares by utilizing ₹850 Cr of cash, implying average purchase price of ₹545 per share.
Including buyback tax and other transaction costs, the total outlay towards buy-back was ₹1,056 Cr. While we purchased 15 lakh shares by utilizing ₹68 Cr cash in the December 2022 quarter, we purchased 1.41 Cr shares by utilizing ₹782 Cr cash in March 2023 quarter. During the quarter 20,576 shares were allocated pursuant to exercise of ESOPs. Effectively, our outstanding share count as on March 2022 has reduced to 63.4 Cr, from 64.9 Cr prior to buy-back.
We remain grateful for your continuous support and remain committed to our mission to building a profitable company and creating shareholder value while driving digitization and inclusive financial access
