PhonePe Group has become profitable in the financial year 2024. Fintech major PhonePe gave this information on Monday. The company has reported an adjusted profit after tax of Rs 197 crore for FY24. In FY23, the company had a loss of Rs 738 crore. This is the first time the company has reported profit in consolidated numbers. PhonePe is a subsidiary of Walmart. PhonePe's revenue increased by 74% in FY24 PhonePe has registered a growth of 74% in its revenue in FY24, increasing from Rs 2,914 crore in FY23 to Rs 5,064 crore. PhonePe's focus on increasing operating profit The company said that this achievement of top-line growth along with sustainable bottom-line improvement is a result of PhonePe's focus on increasing operating profit through automation and cost efficiency. PhonePe Founder and CEO Sameer Nigam said, 'We believe that focusing on disciplined financial management will help us move towards profitability of our payments business, which in itself is a unique achievement in the Indian context. We also believe that optimization of investment and capital allocation, combined with building a diversified revenue model and remaining customer focused, will provide a solid foundation for future continued success.' PhonePe recorded a standalone profit of Rs 710 crore for FY 23-24. The company had a loss of Rs 194 crore for FY 22-23. PhonePe is the largest company in the UPI ecosystem. The company has also expanded into financial services like insurance, lending and wealth. The group also has a consumer tech business called Pincode.
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PhonePe Group turns profitable for the first time: Registers profit of ₹197 crore in FY24, company revenue up 74%
