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Financial Performance Highlights (FY23 vs FY24)Bottom-Line:
KeyRapid Metrics
Metric FY23 FY24 Δacceleration (%)
Revenue from operations ₹2,914 Cr ₹5,064 Cr +73.8%
Total income ₹3,085 Cr ₹5,725 Cr +85.6%
Total expenses ₹5,907 Cr ₹7,756 Cr +31.3%
Loss before tax (₹2,802 Cr) (₹2,006 Cr) –28.4%
Net loss (₹2,795 Cr) (₹1,996 Cr) –28.6%
Adjusted PAT (ex-ESOP) (₹738 Cr) +₹197 Cr +₹935 Cr
Cash & bank balances ₹1,081 Cr ₹4,432 Cr +310%
Current ratio (CA ÷ CL) 2.09× 4.35× +2.26×
Top Takeaways
Robust Revenue Growth: +74% YoYYoY) drivenwell by rapid expansion of payment volumes and financial-services cross-sell.
Margin Improvement: Loss margin narrowed from –96%→–40%; adjusted PAT swung into positive territory (ex-ESOP).
Disciplined Cost Control: Overalloutpaces expense growth (+31%), welldriving belowdramatic revenuemargin growth,improvement.
Balance-sheet headcountconservatism (very strong current ratio, modest leverage) funds continued investment while preserving liquidity.
Adjusted profitability in FY 24 (ex-ESOP) signals that unit economics are approaching break-even on a cash-profit basis.
Continued focus on scaling new financial-services offerings and techmerchant investmentssolutions rampingshould sustainably.drive further margin expansion over FY 25–26.
StrengthenedThis Liquidity:performance Cashprofile bufferunderscores tripledwhy investors have valued PhonePe at a substantial premium (₹4,432$12 Cr),B currentpre-money ratioin moreJan than2023) doubleddespite ongoing net-loss accounting—and why the path to 4.35×,standalone providingprofitability ample runway.
Path to Profitability: Core operationsis now cash-flow positive before stock compensation, setting the stage for full P&L breakevenclearly in FY25–26.view.