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PB Fintech Q4FY24 results: Net profit at Rs 60.19 cr, revenue up 25.4%

The company posted profits for the first time in the third quarter of FY24 at Rs 36 crore


Illustration: Ajay Mohanty

Aathira Varier Mumbai

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PB Fintech, the parent company of Policybazaar and Paisabazaar, clocked a net profit of Rs 60.19 crore in the fourth quarter of FY24 (Q4 FY24) compared to a loss of Rs 9.34 crore in the corresponding period a year ago.

The company posted profits for the first time in the third quarter of FY24 at Rs 36 crore.

The revenue from operations of the company grew 25.4 per cent year-on-year (Y-o-Y) to Rs 1,090 crore in the quarter under review, compared to Rs 869 crore in Q4 FY23.

For FY24, the net profit stood at Rs 64 crore, compared to a loss of Rs 488 crore in FY23. The consolidated operating revenue of the company rose 34 per cent Y-o-Y to Rs 3,437 crore.

PB Fintech’s overall insurance premium for FY24 was Rs 15,875 crore, 37 per cent Y-o-Y higher than the year before. The new protection premiums, including health insurance and term insurance, surged by 53 per cent Y-o-Y.

The online core business premium of the company stood at Rs 11,356 crore, while the remaining Rs 4,519 crore was led by new initiatives. The revenue from new initiatives for FY24 stood at Rs 1,062 crore, up from Rs 848 crore in the corresponding period last year.

The lending wing of the company, Paisabazaar, disbursed loans worth Rs 14,800 crore over the entire year, and card issuances were 5.8 lakh.
Policybazaar had 7.73 crore registered customers, while Paisabazaar had 4.34 crore consumers.

“We are now at the annualised run rate of Rs 14,000 crore in credit disbursals and about 6 lakh credit card issuances on an annualised basis. Our total credit score consumer base is now over 43 million,” the company said in its exchange filing.

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First Published: May 07 2024 | 10:33 PM IST

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