PB Fintech, the online insurance aggregator behind Policybazaar, announced a net profit of ₹60.19 crore for the quarter ending March 31, 2024, contrasting with a loss of ₹9.34 crore reported in the corresponding period of the previous year.
Moreover, the consolidated revenue for the quarter reached ₹1,089.57 crore, marking a notable increase of 25.36 per cent compared to ₹869.10 crore reported in the same period last year.
In FY24, there was a significant turnaround in the Profit After Tax (PAT), shifting from a loss of ₹488 crore to a profit of ₹64 crore.
Also read: Dr Reddy’s Q4 net profit rises 36% to ₹1,307 crore, surpasses market expectations
PB Fintech’s total insurance premium for the quarter amounted to ₹5,127 crore, marking an Annual Recurring Revenue (ARR) of ₹20,000 crore in insurance premiums. This growth was primarily driven by an expansion in the new health and life insurance segments. Additionally, in Q4 FY24, online insurance new premiums experienced a notable 47 per cent year-on-year increase.
The company’s cash position saw a year-on-year improvement of ₹259 crore, reaching ₹5,263 crore, attributed to a 39 per cent year-on-year growth in core online revenue, amounting to ₹2,375 crore.
In FY24, the overall business premium increased by 37 per cent year-on-year to ₹15,875 crore. Within this, the core online business premium constituted ₹11,356 crore, marking a 34 per cent year-on-year increase, while new initiatives contributed ₹4,519 crore.
In FY24, revenue from the core online business surged by 39 per cent year-on-year to ₹2,375 crore, while revenue from new initiatives saw a 25 per cent increase, reaching ₹1,062 crore.
Furthermore, in FY24, operating revenue amounted to ₹2,375 crore, marking a 39 per cent year-on-year growth. Despite a significant rise in new health insurance premium, the contribution margin strengthened to 45 per cent. Additionally, adjusted EBITDA rose to ₹324 crore from ₹107 crore, with the margin improving from 6 per cent to 14 per cent.
Also read: IDFC Q4 results: Net profit declines 90% to ₹348 crore, revenue stood at ₹9.77 crore
In FY24, PB Fintech’s lending division, Paisabazaar, disbursed loans totaling ₹14,800 crore and issued 5.8 lakh cards. Notably, 75 per cent of the disbursements made through the Paisabazaar platform were to existing customers.
Policybazaar, on the other hand, boasted 7.73 crore registered customers, out of which 1.66 crore were transacting consumers. Over the fiscal year, the company successfully sold 4.21 crore policies. Meanwhile, Paisabazaar saw 4.34 crore consumers accessing their credit scores, with 5.1 million engaging as transacting consumers.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates & Live Business News.
Published: 07 May 2024, 10:29 PM IST
Contemporary Silicone 2 L Capacity Belt Straw Transparent Motivational Water Bottles|Time Marker Leak Proof&Break-Proof|Best Usage For Office/School/College/Gym/Travel Bottle|Bpa-Free Sports Bottle
₹399.00 (as of July 26, 2024 08:17 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
PROSHARX 2 in 1 Active Dual Shorts with Inner Tights Layer | Men's Double Layer Short for Running, Gym & Sports
₹499.00 (as of July 26, 2024 08:17 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Simple Kind To Skin Refreshing Face Wash 150 ml | 100% soap-free gentle cleanser for sensitive, dry & oily skin, for women & men
₹269.00 (as of July 26, 2024 08:17 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Mi Xiaomi Power Bank 4i 10000mAh 22.5W Fast Charging PD | Power Delivery | QC 3.0|Type C Input & Output |Triple Output Ports|Classic Black|Supports Android and Apple, Tablets, Earbuds, Watches etc
₹1,299.00 (as of July 26, 2024 08:18 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
