PB Fintech, the parent company of Policybazaar and Paisabazaar, said it recorded a net profit of Rs 60.1 crore for the quarter ending March 31, 2024, marking a 62% increase from the previous quarter when it reported its maiden profit of Rs 37 crore.
The insurance and credit marketplace’s operating revenue rose 25.3% to Rs 1,089 crore this quarter compared to Rs 870 crore in the previous quarter. The company had reported Rs 869 crore in operating revenue in the same period last year.
The fintech firm reported an operating revenue stood of Rs 3,437 crore in FY24.
PB Fintech’s expenses grew 20% quarter-on-quarter to Rs 1,114 crore in Q4 from Rs 925 crore in the same quarter last year. On a QoQ basis, the expenses jumped over 20% from Rs 925.9 Cr in Q3.
The company also reported a 10.5% increase in employee benefit expenses to Rs 439 crore from Rs 397 crore in the previous quarter. Notably, PB fintech almost halved its advertising and promotion costs to Rs 237 crore from Rs 456 crore in the previous quarter.
The company’s total insurance premium for the quarter reached Rs 5,127 crore, showcasing an annual run rate (ARR) of about Rs 20,000 crore, primarily fuelled by the expansion of its new health and life insurance business, the company said in a regulatory filing.
Despite a slowdown in growth, the company’s credit business remained adjusted EBITDA positive since December 2022, with an annualised run rate of Rs 14,000 crore in credit disbursal and about 6 lakh credit card issuances annually.
EBITDA, or earnings before interest, taxes, depreciation, and amortisation is a metric used to evaluate a company’s operating performance and cash flow potential.
Notably, the company completed a majority of card processes digitally, and a significant portion of disbursals stemmed from existing customers, the filing said.
Incorporated in 2008, PB Fintech offers insurance, lending products, and support services in India and internationally through its online financial services platform.
Edited by Suman Singh
