Shares of PB Fintech, which operates the online insurance platform Policybazaar, went up more than 2% on May 8’s trading session. This happened after the company reported a net profit for the quarter ended March 31, 2024.
PB Fintech posted a net profit of Rs 60.19 crore in the fourth quarter, compared to a loss of Rs 9.34 crore in the same period last year. The company’s consolidated revenue for the quarter was Rs 1,089.57 crore, up 25.36% from Rs 869.10 crore a year ago.
For the full financial year 2023-24, PB Fintech’s profit improved from a loss of Rs 488 crore to a profit of Rs 64 crore.
At 10:15 am, PB Fintech shares were trading 1.95% higher at Rs 1,268 on the National Stock Exchange (NSE).
The company said the total insurance premium for the quarter was Rs 5,127 crore. This represents an annual recurring revenue of Rs 20,000 crore in insurance premiums, led by growth in new health and life insurance business.
PB Fintech’s core online marketplaces, Policybazaar and Paisabazaar, saw their revenue grow 39% to Rs 2,375 crore in the financial year 2023-24. Their adjusted EBITDA also improved to Rs 324 crore compared to the previous year.
The company’s consolidated revenue grew 34% year-on-year to Rs 3,438 crore. Its profit after tax improved from a loss of Rs 488 crore to a profit of Rs 64 crore.