SUMMARY
- PhonePe managed to reduce its overall net loss by 28% to Rs 1,996 crore in FY24.
- Its revenue from operations surged by 74% to Rs 5,064 crore in FY24.
- In FY24, PhonePe achieved a positive adjusted PAT of Rs 197 crore.
Fintech giant PhonePe managed to reduce its overall net loss by 28% to Rs 1,996 crore in FY24 compared to the Rs 2,795 crore loss it reported in FY23, on account of increase in its revenue and improved cost management.
Its revenue from operations surged by 74% to Rs 5,064 crore in FY24 from Rs 2,914 crore the year before. This rise in profitability was fueled by the company’s emphasis on automation and the expansion of its range of products.
“Despite significant external challenges over the past five years, including the “Zero MDR” law and the COVID-19 pandemic, our relentless focus on process automation and unit economics has driven a clear path to profitability.”
Between FY18-19 and FY23-24, PhonePe experienced an increase in transaction volume by 40 times, while its customer support team was reduced by 60% from 1,100 to 400 members.
In FY24, PhonePe achieved a positive adjusted profit after tax (PAT) (excluding ESOP costs) of Rs 197 crore, a turnaround from the Rs 738 crore loss reported in FY23.
The company’s independent payments segment also recorded an adjusted PAT profit of Rs 710 crore in FY24.
