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PB Fintech Turns Profitable with INR 37 Cr PAT; Consolidated Revenue grows 43% YoY Post announcement, the share price of PB Fintech surged 13 per cent to touch a two-year high INR 1,032.95. At the time of publishing, the price sat at INR 1,022.55

By Paromita Gupta

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The parent of Policybazaar and Paisabazaar, PB Fintech announced its Q3 FY24 results on Tuesday. It reported its first-ever quarterly net profit of INR 37 crore, a major improvement from its loss worth INR 87 crore incurred in the same quarter last year.

Additionally, its consolidated revenue grew by 43 per cent YoY to INR 871 Crore, improving by INR 204 Crore. While its core revenue grew by 39 per cent YoY to INR 593 Crore. Its Core Online Business grew significantly courtesy of new protection premiums (health insurance + term insurance).

"Revenue of our Core Online marketplaces, Policybazaar and Paisabazaar, grew 39% to INR 593Cr while improving their Adjusted EBITDA by INR 50Cr YoY for Q3 FY24. Our Adjusted EBITDA for the last 6 quarters has improved by INR 50Cr each quarter, in line with our annual guidance of incremental ~INR 200Cr adjusted EBITDA," commented the company.

PB Fintech's overall business reported revenue growth of 2.4x in two years, 43 per cent revenue growth with PAT improvement in Q3, and 39 per cent revenue growth with PAT improvement from INR 482 Crore to INR 4 Crore in YTD.

Its core online business' revenue was up by 39 per cent, from INR 425 Crore in Q3 FY23 to INR 593 Crore in Q3 FY24.

Its YTD FY24 revenues were reported to be INR 1,706 crore, up by INR 500 Crore from YTD FY23.

Its total Insurance Premium for the quarter was INR 4,261 Crore, up from INR 3,028 Crore in Q3 FY23. "Our renewal / trail revenue is at an ARR of ₹454 Cr, up from ₹317 Cr last year same quarter. This typically operates at over 85% margins and is a significant source of profit growth. We continue to improve our customer onboarding & claims support services and maintain Insurance CSAT of 88%," shared the fintech player.

Post announcement, the share price of PB Fintech surged 13 per cent to touch a two-year high INR 1,032.95. At the time of publishing, the price sat at INR 1,022.55.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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