New Delhi, Nov. 5 -- Brokerage firm JM Financial has reaffirmed its positive view on payments major Paytm, stating that the company continues its "track record of delivering better-than-expected profits for another quarter."

In its latest report dated November 5, the brokerage firm said Paytm reported revenue of Rs 20.6 billion, up 7 per cent quarter-on-quarter, with contribution margin maintained at 59 per cent, which it described as being at the higher range of management guidance.

According to JM Financial, Paytm's EBITDA almost doubled sequentially to Rs 1.4 billion, driven by improvement in payment processing margin and efficiencies in indirect expenses.

The brokerage said, "With sustained strength in operating performance along w...