PB Fintech, the parent company of Policybazaar and Paisabazaar, reported a net profit of ₹37 crore in Q3FY24, a significant improvement from the net loss of ₹87 crore in the same period last year. The company’s revenue from operations also increased by 43% YoY to ₹871 crore in Q3. The insurance premium reached ₹ 4,261 crore, marking an annual recurring revenue (ARR) of ₹ 17,000 crore.
In Q3FY24, PB Fintech recorded a net profit of ₹37 crore, compared to a net loss of ₹87 crore in the same quarter the previous year. The company’s revenue from operations increased by 43% YoY to ₹871 crore in Q3. The insurance premium reached ₹4,261 crore, resulting in an annual recurring revenue of ₹17,000 crore. The core online business saw significant growth, with new protection premiums increasing by 44% and core operating revenue reaching ₹593 crore, up 39% YoY. Overall, PB Fintech showed impressive growth and profitability in its Q3FY24 numbers, highlighting its continued leadership in its various business segments.
Some key points from the article:
- PB Fintech reported a net profit of ₹37 crore in Q3FY24, compared to a net loss of ₹87 crore in the same period last year.
- Revenue from operations increased by 43% YoY to ₹871 crore in Q3.
- The insurance premium reached ₹4,261 crore, resulting in an annual recurring revenue of ₹17,000 crore.
- Core online business saw significant growth, with new protection premiums increasing by 44% and core operating revenue reaching ₹593 crore, up 39% YoY.
- Adjusted EBITDA for the last 6 quarters has improved by ₹50 crore each quarter, in line with the company’s annual guidance of incremental ₹200 crore adjusted EBITDA.
- The credit business continues to grow, with an annualized run rate of ₹14 crore credit disbursal and about 5.6 lakh credit card issuances on an annualized basis.
- PB Fintech has diversified its business lines and focused on smaller, higher-quality advisors.
- The company showed impressive growth in its UAE insurance premium, which grew 2.4 times YoY in Q3.
- For the first nine months of FY24, total operating revenue jumped to ₹2,348 crore, and consolidated PAT improved by ₹482 crore to ₹4 crore.
Overall, PB Fintech’s Q3FY24 numbers demonstrate strong growth and profitability in its various business segments, including insurance, credit, and online marketplaces.
