One97 Communications, the parent of Paytm, has managed to pare its losses for the year ended March 31, 2021 even as consolidated revenues dipped almost 11 per cent.

The company, which is set to come out with an IPO, has suffered a loss of Rs 1,701 crore compared with a loss of Rs 2,942 crore in the preceding year.

However, revenues fell to Rs 3,187 crore from Rs 3,541 crore in 2019-20. This is the eighth straight year where the company is reporting losses and the second consecutive one where it has narrowed it down. The year was also marked by a drop in its expenses by over 20 per cent to Rs 4,783 crore.

In January 2021, founder Vijay Shekhar Sharma had said that the company could break-even this year as Covid-19 could lead to a rise in digital transactions.

A spokesperson for the company said during the fiscal year, it witnessed significant disruption in the business of its merchant partners, particularly in the first half. However, a strong recovery in the latter half resulted in minimal impact on its revenues.

One97 Communications will hold its annual general meeting on June 30.

One of the items on the agenda is to sub-divide its shares to Re 1 per share from Rs 10 per share. The record date of such a share split will be June 30. Shareholders will also have to approve the remuneration of Sharma. At Rs 4 crore, it will be the same as in the previous fiscal.

Recently, the board of One97 Communications had given its nod for a share float of Rs 22,000 crore. The company is likely to file its draft papers with Sebi by next month while the IPO is likely to come during the October-December quarter.