New Delhi: Walmart-backed PhonePe Group on Monday reported consolidated net profit (excluding ESOP costs) of Rs 197 crore for fiscal 2023-24.

According to a company statement, the company had incurred a loss of Rs 738 crore in the previous financial year.

Revenue in FY24 was Rs 5,064 crore, up 73.7 percent from Rs 2,914 crore in FY23.

The group’s payments business reported a standalone net profit (excluding ESOP costs) of Rs 710 crore in fiscal 2024, against a loss of Rs 194 crore in the previous fiscal year.

The group has expanded its business into financial services (insurance, lending, wealth management) as well as new consumer technology businesses (Pincode – hyperlocal e-commerce and Indus App Store). The company has not disclosed the results of these verticals.

PhonePe has been able to achieve growth and revenue diversification through a combination of market leadership, platform reliability and cross-selling of a diverse product portfolio, the statement said.

This success is the result of PhonePe’s focus on increasing operational performance through automation and cost efficiency, it said.

“Our financial strategy is based on three key pillars: (1) predictable and sustainable revenue growth, (2) diversification of revenue streams, and (3) continuous bottom line improvement,” said Adarsh ​​​​Nahata, CFO of PhonePe.

These pillars have guided the company’s strategic decisions and enabled it to grow rapidly, and the focus on disciplined financial management will help it continue on the path to profitability in the payments business, he added.

Sameer Nigam, Founder and CEO, said optimizing investments and capital allocation coupled with building a diversified revenue model and consistent customer focus will lay a solid foundation for sustainable future success.