फ़ोनपे ने वित्त वर्ष 23-24 के लिए ₹197 करोड़ का मुनाफ़ा दर्ज किया, जो कि एक महत्वपूर्ण रिकवरी को दर्शाता है।

PhonePe reports a profit of ₹197 crore for FY23-24, highlighting a significant recovery.

PhonePe reported a Profit After Tax (PAT) of ₹197 crore for the fiscal year 2023-24, marking a significant turnaround from a loss of ₹1,513 crore in FY18-19. The fintech company's standalone payments division also achieved a profit of ₹710 crore during the same period, showcasing robust financial performance driven by automation, efficiency, and strategic management. The company's first annual report, released on October 21, 2024, highlights the operational efficiencies gained through automation. Over the last five years, PhonePe has cut its customer service team by 60%, from 1,100 agents to 400, while increasing automation in issue resolution to over 90% with AI-powered chatbots. This transformation has resulted in significant cost savings and a steady increase in customer satisfaction, as evidenced by improved Net Promoter Scores (NPS).

Despite external challenges such as the "Zero MDR" law and the repercussions of the COVID-19 pandemic, PhonePe has remained committed to process automation and strong unit economics, contributing to its impressive financial results. The report also emphasizes PhonePe's strategic utilization of its extensive UPI distribution network to broaden its service offerings, including new products like insurance, mutual funds, and EDI-based lending for merchants. These efforts have enhanced customer loyalty and differentiated the company within the competitive fintech sector.

Additionally, PhonePe's investments in technology infrastructure have provided long-term benefits by lowering service costs and improving system reliability. In 2019, the company revised its incentive structures by reducing transaction incentives and introducing minimal platform fees for recharges and utility payments. These adjustments have not negatively impacted customer retention, owing to the company’s focus on reliability and a customer-centric approach.

In summary, PhonePe's disciplined financial management and innovative automation strategies have set the stage for sustainable growth and long-term value for shareholders.

News Reference