PhonePe Group reports impressive turnaround with profit of Rs 197 crore in fiscal 2024

Walmart-backed PhonePe Group has reported a consolidated net profit of Rs 197 crore for FY2023-24, excluding ESOP expenses, a significant improvement from a loss of Rs 738 crore incurred in the previous fiscal.

The company’s revenue grew to Rs 5,064 crore in FY2024, up 73.7% from Rs 2,914 crore in FY2023. Notably, the payments business posted a standalone net profit of Rs 710 crore, reversing a loss of Rs 194 crore in the previous year.

PhonePe has diversified into financial services and consumer technology start-ups, although it has not yet disclosed the results of these initiatives. CFO Adarsh ​​Nahata highlighted the company’s focus on sustainable growth, revenue diversification and disciplined financial management as key pillars of this success.

(Based on information from the agency.)