PhonePe Group Reports Rs 197 Cr Profit in FY24
By Rediff Money Desk, New Delhi Aug 26, 2024 15:08
PhonePe Group, backed by Walmart, reported a consolidated net profit of Rs 197 crore for FY24, a turnaround from a loss in the previous fiscal. The group's revenue grew by 73.7% to Rs 5,064 crore.
New Delhi, Aug 26 (PTI) Walmart-backed PhonePe Group on Monday reported a consolidated net profit, excluding ESOP costs, of Rs 197 crore for fiscal year 2023-24.
It had incurred a loss of Rs 738 crore in the previous fiscal, according to a company statement.
Revenue in FY24 was Rs 5,064 crore, 73.7 per cent higher than Rs 2,914 crore in FY23.
The group's payment business reported a standalone net profit (excluding ESOP costs) of Rs 710 crore in FY24, against a loss of Rs 194 crore in the preceding fiscal.
The group has expanded into financial services (insurance, lending, wealth) as well as new consumer tech businesses (pincode - hyperlocal e-commerce and Indus App Store). The company has not provided the results of these verticals.
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, the statement said.
This achievement is a result of PhonePe's focus on driving operating leverage through automation and cost efficiencies, it added.
"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," PhonePe CFO Adarsh Nahata said.
These pillars have guided the firm's strategic decisions and enabled it to scale rapidly and a focus on disciplined financial management will help it continue in the progression towards profitability of the payments business, he added.
Sameer Nigam, Founder and CEO said the optimisation 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.
It had incurred a loss of Rs 738 crore in the previous fiscal, according to a company statement.
Revenue in FY24 was Rs 5,064 crore, 73.7 per cent higher than Rs 2,914 crore in FY23.
The group's payment business reported a standalone net profit (excluding ESOP costs) of Rs 710 crore in FY24, against a loss of Rs 194 crore in the preceding fiscal.
The group has expanded into financial services (insurance, lending, wealth) as well as new consumer tech businesses (pincode - hyperlocal e-commerce and Indus App Store). The company has not provided the results of these verticals.
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, the statement said.
This achievement is a result of PhonePe's focus on driving operating leverage through automation and cost efficiencies, it added.
"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," PhonePe CFO Adarsh Nahata said.
These pillars have guided the firm's strategic decisions and enabled it to scale rapidly and a focus on disciplined financial management will help it continue in the progression towards profitability of the payments business, he added.
Sameer Nigam, Founder and CEO said the optimisation 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.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.92 (+ 3.37)
- 47019694
- Vodafone Idea L
- 9.13 ( -2.04)
- 18845261
- GTL Infrastructure
- 2.33 (+ 3.10)
- 16898602
- Jaiprakash Power Ven
- 22.63 ( -1.14)
- 16382400
- Alstone Textiles
- 0.79 (+ 3.95)
- 14374142
MORE NEWS
Bengaluru, Mangaluru Markets Closed for Ayudha...
Commodities markets in Bengaluru and Mangaluru remain closed on Friday, October 11th...
Metal Stocks Surge on China Stimulus | National...
Metal stocks soared on the BSE following reports of China's USD 283 billion stimulus...
OYO Appoints New Leadership Ahead of IPO
OYO has announced five new appointments to its leadership team, including a new COO for...