The PhonePe group on Monday reported an adjusted profit after tax, excluding ESOP costs, of Rs 197 crore for the financial year 2023-24, compared with a loss of Rs 738 crore a year ago. Its revenue in FY24 jumped 74 per cent to Rs 5,064 crore, against Rs 2,914 crore in the previous financial year.
“The PhonePe Group today reported revenue of INR 5064 Cr for FY23-24 (fiscal year ending March 31, 2024) which represents 74% top-line growth from FY22-23 revenue of INR 2914 Cr. The Group also reported an Adjusted Profit After Tax (i.e., PAT excluding ESOP costs) of INR 197 Cr for FY23-24 versus INR 738 Cr loss for FY22-23. Furthermore, the standalone Payments business recorded Adjusted PAT of INR 710 Cr for FY23-24 versus INR 194 Cr loss for FY22-23,” PhonePe said in a statement.
Its standalone payments business recorded Adjusted PAT of Rs 710 crore for FY23-24 versus Rs 194 crore loss for FY22-23.
This achievement of topline (revenue) growth in conjunction with sustainable bottomline (profit) improvement is a result of PhonePe’s focus on driving operating leverage through automation and cost efficiencies. The company has been able to achieve growth and diversification of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio, PhonePe said in the statement.
Adarsh Nahata, chief financial officer of PhonePe, said, “Our financial strategy is anchored on three key pillars: (1) predictable and sustainable growth in revenue, (2) diversification of revenue streams, and (3) 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.”
Sameer Nigam, founder and CEO of PhonePe, said, “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.”
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