Paytm model.xlsx

	C	D	E	F	G
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3	INR Cr.	FY25	FY26E	FY27E	FY28E
4	GMV	1,850,000	2,164,500	2,489,175	2,862,551
5	Subscribers	1.25	1.55	1.8	2.05
6	Loan penetration	6%	7.50%	9%	11%
7	No. of subscribers (Lakhs)	687,500	1,162,500	1,620,000	2,255,000
8	Avg. disbursal (Cr.)	0.0204	0.0218	0.0233	0.0249
9	Avg. disbursal (Lakh)	203,636.36	217,890.91	233,143.27	249,463.30
10	Disbursals	22,000.00	33,829.82	49,244.21	71,745.22
11	ML	14,000.00	25,329.82	37,769.21	56,253.97
12	PL	8,000.00	8,500.00	11,475.00	15,491.25
13	Take Rate
14	ML	9%	9%	9%	8%
15	PL	3.5%	3.5%	3.8%	3.8%
16	FLDG cost	4.0%	4.2%	4.2%	4.2%
17	Subscription/month/device	90.00	100.00	100.00	100.00
18	Lending Gross Take Rate	7%	9%	9%	9%
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20	Reveneu from Operations	7,069.50	9,496.12	11,603.11	14,201.71
21	Payment Processing Revenue	2,884.50	3,336.94	3,837.48	4,413.10
22	Payment Processing Margin	684.50	800.87	920.99	1,059.14
23	Subscription revenue	1,215.00	1,860.00	2,160.00	2,460.00
24	Financial services (Lending)	1450	2,577.18	3,646.43	5,088.99
25	Other Financial services	250	325	423	549
26	Net Take rate	480.00	1513	2060	2726
27	Net Take Rate %	33.10%	58.72%	56.50%	53.57%
28	Marketig reveneu	1150	1265	1391.5	1530.65
29	Other Operating Revenue	120.00	132.00	145.20	159.72
30	COGS	3,432.50	3,916.17	4,892.92	6,163.79
31	Payment Processing Charges	2,200.00	2,536.07	2,916.48	3,353.96
32	Incentives & cashbacks	150	170.00	200.00	200.00
33	FLDG cost	970.00	1,063.85	1,586.31	2,362.67
34	Other Financial services Cost	112.50	146.25	190.13	247.16
35	Contribution Profit	3,637.00	5,579.95	6,710.20	8,037.92
36	CM%	51%	59%	58%	57%
37	Marketing	500	520	600	670
38	Employee Cost ex ESOP	2450	2572.5	2829.75	3112.725
39	Software, Cloud and Data Centre	660	726	798.6	878.46
40	Other Indirect Expense	750	802.5	882.75	971.025
41	Total Indirect Expense	4,360.00	4,621.00	5,111.10	5,632.21
42	EBITDA ex ESOP	-723.00	958.95	1,599.10	2,405.71
43	Margin %	-10%	10%	14%	17%
44	Share based payment	850	542	229	150
45	Depreciation & Ammortization	672	720	770	830
46	Other Income	700.00	750.00	850.00	950.00
47	PBT	-1,545.00	446.95	1,450.10	2,375.71
48	Tax	-	-	-	593.93
49	PAT	-1,545.00	446.95	1,450.10	1,781.78
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