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PB Fintech nails it: ₹37 crore profit, 43% revenue growth

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TLDR: 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.

PB Fintech, the parent company of online marketplaces 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 overall revenue from operations during the third quarter of the current fiscal year improved by 43% YoY to ₹871 crore. In Q3FY24, the company marked a significant turnaround, reporting a net profit of ₹37 crore compared to the net loss of ₹87 crore in the corresponding quarter of the previous year. Its cash position also improved by ₹204 crore YoY in Q3 to ₹5,150 crore. The core online business witnessed significant growth, with new protection premiums (health insurance + term insurance) surging by 44% and the core operating revenue reached ₹593 crore, up 39% YoY.

Notably, the contribution margin improved to 44% in Q3, and adjusted EBITDA showed an increase to ₹76 crore, with the margin expanding to 13%. Its 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. Additionally, the company achieved a positive adjusted EBITDA margin of 4%, a noteworthy improvement from the -5% margin recorded in the same period last year. The credit business has also been growing well and has been adjusted EBITDA-positive since December 2022. The company reported continued leadership in PB Partners (an agent aggregator platform), covering 17,100 pin codes across India and reaching over 90% of pin codes in the country. The company has strategically diversified its business lines and moved towards smaller, higher-quality advisors. Furthermore, the company reported impressive growth in its UAE insurance premium, which has grown 2.4 times YoY in Q3. For the first nine months of FY24, its total operating revenue jumped to ₹2,348 crore, and the consolidated PAT improved by ₹482 crore to ₹4 crore.

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