PhonePe gives stunning profit record, revenue up by 74% for FY24

Fintech major PhonePe Group has reported recording an adjusted profit after tax at Rs 197 crore for FY24 against a loss of Rs 738 crore in FY23. This is the first time the company has reported profit on consolidated numbers.

The financial firm reported a 74 percent jump in its revenue for FY24 at Rs 5,064, up from Rs 2,914 crore in FY23.

The company said that this achievement of top-line growth in conjunction with sustainable bottom-line improvement is a result of PhonePe’s focus on driving operating leverage through automation and cost efficiencies.

 

Read Also : CONCOR signs MoU with Gati Shakti Vishwavidyalaya, Vadodara

The standalone payments business recorded adjusted profit after tax (PAT) of Rs 710 crore for FY23-24 versus Rs 194 crore loss for FY22-23.

“We believe a focus on disciplined financial management will help us continue in the progression towards profitability of our payments business which by itself is a unique feat in the Indian context. We also view that the optimization of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success,” said Sameer Nigam, Founder and CEO of PhonePe.

Read Also : Rajasthan Tourism: Expanding Horizons Under The  Leadership of Deputy CM Diya Kumari

“Our financial strategy is anchored on three key pillars, predictable and sustainable growth in revenue, diversification of revenue streams, and continuing improvements to the bottom line. These pillars have guided our strategic decisions, enabling us to scale rapidly, while maintaining a focus on profitability and our healthy financial position,” said Adarsh Nahata, CFO of PhonePe.

PhonePe is the largest financial firm in the UPI ecosystem. The company also expanded into financial services like insurance, lending, and wealth.

Read Also : NMDC Swarojgar Yojana Sparks Self-Employment Revolution in Kondagaon, Chhattisgarh