PhonePe Group Reports Impressive Turnaround with Rs 197 Crore Profit in FY24

PhonePe Group, backed by Walmart, announced a consolidated net profit of Rs 197 crore for FY24, reversing a previous fiscal loss. Revenue surged by 73.7% to Rs 5,064 crore. The company attributes this success to its market leadership, platform reliability, and diverse product portfolio.

Walmart-backed PhonePe Group reported a consolidated net profit of Rs 197 crore for fiscal year 2023-24, excluding ESOP costs, marking a significant turnaround from the Rs 738 crore loss incurred in the previous fiscal year.

The company's revenue soared to Rs 5,064 crore in FY24, up 73.7% from Rs 2,914 crore in FY23. Notably, the payment business reported a standalone net profit of Rs 710 crore, reversing a loss of Rs 194 crore in the prior year.

PhonePe has diversified into financial services and new consumer tech businesses, although it has yet to disclose results from these initiatives. CFO Adarsh Nahata highlighted the company's focus on sustainable growth, revenue diversification, and disciplined financial management as key pillars for this success.

(With inputs from agencies.)