PhonePe Revenue Crosses Rs 5,000 Crore In FY24, Turns Profitable Before ESOP Costs

Payments major PhonePe has posted a revenue of over Rs 5,000 crore in fiscal 2024, alongside attaining profitability excluding employee stock costs.

The Bengaluru-based fintech has marked a 74% uptick from its revenue in the previous financial year, according to a statement. It has also posted an adjusted profit after tax of Rs 197 crore, compared to a Rs 738 crore loss in fiscal 2023. Adjusted PAT refers to profitability before taking into account ESOP costs.

The company attributed the better performance to automation, cost efficiencies and diversification of revenue. "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," said Adarsh Nahata, chief financial officer of PhonePe.

The company also posted an adjusted profit of Rs 710 crore in the financial year 2024, compared to a Rs 194 crore loss in the previous fiscal.

“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," said Sameer Nigam, founder and chief executive officer of PhonePe.