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.
We believe 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. PhonePe 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.
“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.”- said Adarsh Nahata, CFO of PhonePe.
“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.
