PB Fintech’s consolidated net profit stood at INR 60.2 Cr in Q4 FY24 as against a loss of INR 9.3 Cr in the previous year’s quarter
On a quarter-on-quarter (QoQ) basis, PB Fintech’s profit jumped almost 62% in Q4 from INR 37.2 Cr posted in Q3
PB Fintech’s operating revenue saw over a 25% rise on both QoQ and YoY basis to INR 1,089.6 Cr in Q4 FY24
PB Fintech, the parent company of insurtech platform policybazaar
, posted a consolidated net profit of INR 60.2 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) as against a loss of INR 9.3 Cr in the previous year’s quarter.
The company turned profitable in the prior quarter – Q3 FY24. On a quarter-on-quarter (QoQ) basis, PB Fintech’s profit jumped almost 62% in Q4 from INR 37.2 Cr posted in Q3, helped by sharp growth across its business segments.
PB Fintech’s operating revenue saw over a 25% rise on both QoQ and year-on-year (YoY) basis to INR 1,089.6 Cr in Q4 FY24.
The company had posted an operating revenue of INR 869.1 Cr in Q4 FY23.
PB Fintech said that Policybazaar’s total insurance premium for Q4 FY24 stood at INR 5,127 Cr, registering a 43% jump YoY, which was led by growth in the new health and life insurance business.
The vertical also saw an annual run rate (ARR) for insurance premiums of INR 20,000 Cr in the reported quarter.
The previous year, in Q4 FY23, it stood at INR 15,000 Cr and in Q3 FY24 the ARR stood at INR 17,000 Cr.
“Our consistent efforts to improve customer service and claims support are paying off with multiple heartening customer messages and continue to be reflected by a CSAT (customer satisfaction score) of 89% for Q4 FY24,” said PB Fintech during its Q4 earnings announcement on Tuesday (May 7).
Revenue of its core online business, which includes Policybazaar and Paisabazaar, grew 33% YoY to INR 669 Cr in Q4 FY24. This vertical’s contribution margin also improved to 45% in the quarter.
On the other hand, the revenue of PB Fintech’s new initiatives business witnessed a 15% jump YoY to INR 421 Cr in the reported quarter.
In the fiscal year 2024, PB Fintech’s total operating revenue stood at INR 3,438 Cr on a consolidated PAT of INR 64.4 Cr.
