PhonePe reported a strong 73% revenue increase, reaching ₹5,064 crore in FY24, up from ₹2,914 crore the previous year. The fintech giant also turned profitable, with an adjusted PAT of ₹197 crore, a significant improvement from a ₹738 crore loss in FY23.
The success is attributed to cost efficiency, automation, and product diversification. PhonePe's standalone Payments business also saw a turnaround, posting an adjusted PAT of ₹710 crore, compared to a ₹194 crore loss in FY23, highlighting its strategic focus on operating leverage.