One97 Communications (Paytm) has reported a strong FY23, best underlined by an increase of Rs13.4bn in EBITDA before ESOPs during the year. This was a combination of an increase in payment revenue (42% YoY), financial services (252% YoY through credit disbursement growth from Rs76bn in FY22 to Rs354bn in FY23), cloud (24% YoY) and commerce (64%) as well as an increase in contribution margin (~400bps to 49%) and controlled indirect costs (Rs10bn level for last 4 quarters).