PB Fintech: INR37 Cr PAT, 43% YoY Growth; Profitability Achieved

PB Fintech, the parent company of Policybazaar and Paisabazaar, has reported its first-ever quarterly net profit of INR 37 crore ($5.1 million) for Q3 FY24, a significant improvement from the loss of INR 87 crore ($12 million) it incurred in the same quarter last year. The company’s consolidated revenue grew by 43% year-on-year to INR 871 crore ($120 million), with core revenue growing by 39% to INR 593 crore ($81.7 million). PB Fintech attributed its revenue growth to new protection premiums from health insurance and term insurance. It also reported 39% revenue growth and profit improvement from INR 482 crore ($66.6 million) to INR 4 crore ($550,000) in year-to-date figures. The company’s total insurance premium for the quarter was INR 4,261 crore ($587.9 million). Following the announcement, the share price of PB Fintech surged 13% to a two-year high of INR 1,032.95.