PB Fintech swings to profit in Q1 at Rs 60 crore

PB Fintech, the parent of Policy Bazaar, reported a consolidated net profit of Rs 60 crore for the quarter ended June 30, 2024, reversing a loss of Rs 12 crore in the same quarter a year ago led by growth in business. Revenue for the quarter grew 52% to Rs 1,010 crore.

The company’s total insurance premium for the quarter surged 61% to Rs 4,871 crore up from Rs 3,011 crore, driven by a 78% year-on-year growth in new health and life insurance business. Renewal or trail revenue achieved an annual recurring revenue (ARR) of Rs 559 crore, up from Rs 418 crore last year.

The company saw moderation in credit business, where the credit disbursals fell from Rs 3542 crore to Rs 3140 crore. However, the company said that despite a moderation in its credit business, PB Fintech remained adjusted EBITDA positive since December 2022. The company reported more than 1.3 lakh credit card issuances.

Shares of PB Fintech fell 2.93% to Rs 1,431 on the BSE, while the benchmark index declined 0.21% on Tuesday.