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Published: May 07, 2024
Updated: May 07, 2024

PB Fintech Reports Strong Q4 Performance: A Profitable Turnaround

Robust Revenue Growth

PB Fintech, the parent company of Policybazaar, revealed impressive financial results for the quarter ending March 31, 2024. The company reported a net profit of ₹60.19 crore, a significant turnaround from the loss of ₹9.34 crore reported in the same period last year. Consolidated revenue soared to ₹1,089.57 crore, marking a notable increase of 25.36% compared to the previous year.

Strategic Expansion in Insurance Segments

PB Fintech witnessed substantial growth in its insurance premium, totaling ₹5,127 crore for the quarter, with an Annual Recurring Revenue (ARR) of ₹20,000 crore. This growth was predominantly driven by an expansion in the new health and life insurance segments, with online insurance new premiums experiencing a remarkable 47% year-on-year increase.

Financial Strength and Core Business Growth

The company's cash position improved by ₹259 crore year-on-year, reaching ₹5,263 crore, attributed to a 39% year-on-year growth in core online revenue, amounting to ₹2,375 crore. Overall business premium surged by 37% year-on-year to ₹15,875 crore, with the core online business premium contributing ₹11,356 crore, marking a 34% year-on-year increase.

Operational Performance and Margin Expansion

PB Fintech's operating revenue witnessed a robust 39% year-on-year growth, reaching ₹2,375 crore. Despite a significant rise in new health insurance premiums, the contribution margin strengthened to 45%. Adjusted EBITDA rose to ₹324 crore from ₹107 crore, with the margin improving from 6% to 14%.

Performance Highlights of Lending Division and Customer Base

In FY24, PB Fintech's lending division, Paisabazaar, disbursed loans totaling ₹14,800 crore and issued 5.8 lakh cards. Policybazaar boasted 7.73 crore registered customers, with 1.66 crore transacting consumers. Over the fiscal year, the company successfully sold 4.21 crore policies.

PB Fintech's Q4 performance showcases a remarkable turnaround, with substantial revenue growth and profitability. The strategic expansion in insurance segments, coupled with strong operational performance and margin expansion, positions the company for continued success in the evolving financial landscape.