Digital payments firm Paytm has reported narrowing of consolidated loss to Rs 1,704 crore for 2020-21, according to the company's annual report.
It had posted Rs 2,943.32 crore loss in financial year 2019-20.
When contacted, a Paytm spokesperson said: "Despite a significant disruption in the business of our merchant partners due to the ongoing pandemic especially in the first half of the year, we have had a minimal impact on revenues, due to strong recovery in the second half of the year."
This is the second consecutive fiscal year when the company has reported narrowing of loss.
The total revenue of the company declined about 10 percent to Rs 3,186 crore in 2020-21 compared to Rs 3,540.77 crore in the previous year.
"COVID-19 continues to spread across the globe and India. This has an impact on all local and global economic activities. Government of India has taken a series of measures to contain the spread of virus and limit economic impact on corporations and individuals.
"The company has considered the possible effects that may result from COVID-19, on the carrying amount of the receivables, investments, goodwill etc," the report said.
The authorized share capital of the company stood at Rs 104.1 crore comprising over 10.41 lakh equity shares of Rs 10 each.