PhonePe gives stunning profit record, revenue up by 74% for FY24
PhonePe is the largest financial firm in the UPI ecosystem. The company also expanded into financial services like insurance, lending, and wealth.
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 : SECI Issues Tender For 30 MW Rooftop Solar Projects
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 : JSW Neo Energy, Reliance Power Win 1,000 MW SECI Battery Storage Project with Record-Low Tariffs Auction“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 : BPCL to invest Rs 1,138 crore in expanding Cochin-Coimbatore-Karur and Irugur-Devangonthi pipelinesNews Must Read
- Indian Bank raises Rs. 5,000 Crores through issuance of Bonds
- NLCIL plans three fold increase in its total power generation capacity by 2030
- DVC enters into financial collaboration with State Bank of India
- IREDA Signs MoU with SJVN and GMR for 900 MW Hydropower Project in Nepal
- IREDA Signs MoU with SJVN and GMR fo Hydro Project in Nepal
- SJVN CMD visited 1320 MW Buxar Thermal Power Project
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD