PB Fintech Q4, Profit rises 62% QoQ to Rs 60.2 Cr

PB Fintech, the parent company of insurtech platform Policybazaar, reported a consolidated net profit of Rs 60.2 crore in the fourth quarter (Q4) of the financial year 2023-24 (FY24), compared to a loss of Rs 9.3 crore in the same quarter of the previous year.

The company became profitable in the previous quarter, which is Q3 FY24. In the fourth quarter, the profit of PB Fintech increased by almost 62% on a quarter-on-quarter (QoQ) basis, reaching Rs 37.2 Cr from the previous quarter's Rs 37.2 Cr. The growth across its business segments was the major contributing factor to the increase in profit.

PB Fintech's operating revenue witnessed a rise of over 25% on both QoQ and year-on-year (YoY) basis, reaching Rs 1,089.6 Cr in Q4 FY24.

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The latest financial report from PB Fintech states that the company earned an operating revenue of Rs. 869.1 Cr in Q4 FY23. The report also highlights that Policybazaar's total insurance premium for Q4 FY24 was Rs. 5,127 Cr, which is a YoY increase of 43%. This growth was primarily driven by the expansion of the new health and life insurance business. For comparison, in Q4 FY23, the total insurance premium was Rs. 15,000 Cr, while in Q3 FY24, it was Rs. 17,000 Cr.

On the other hand, the revenue of PB Fintech’s new initiatives business witnessed a 15% jump YoY to Rs 421 Cr in the reported quarter. In the fiscal year 2024, PB Fintech’s total operating revenue stood at Rs 3,438 Cr on a consolidated PAT of Rs 64.4 Cr.

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