The parent business of Policybazaar and Paisabazaar, PB Fintech, said on May 7 that it had made money during the January–March quarter for the second consecutive quarter. The listed insurance aggregator reported a net profit of Rs 60.19 crore for the fourth quarter of the financial year 2023–24 (Q4FY24), up from a loss of Rs 9.34 crore in the same time the previous year. The company had previously managed to break even.
The profit increased from Rs 36 crore by 43.75 percent on a quarter-over-quarter basis. In comparison with the same time last year, the income from operations increased by 25.4% annually to Rs 1090 crore from Rs 869 crore.
With operational sales of Rs 3437 crore and a profit of Rs 64 crore, the fintech company concluded its FY24.
The primary online marketplaces owned by PB Fintech, Policybazaar and Paisabazaar, generated revenue of Rs 2,375 C crore in FY24, up 39% year over year. At the same time, new protection premiums, such as health and term insurance, increased by 53%. From Rs. 848 crore to Rs. 1,062 crore, the income of new ventures were.
In FY24, the company's adjusted EBITDA margin (earnings before interest, taxes, depreciation, and amortization) increased from -5 percent to 4%.
Three suggestions were recently rejected by the corporation. First, Genesis Group, a business that owns 49% of Genesis Insurance Brokers LLC, is scheduled to be fully acquired by PB Fintech.
Concurrently, PB Fintech will sell off 29% of its shares in Visit Health, which is presently managed by Docprime Tech, a fully-owned subsidiary of PB Fintech. The estimated value of this divestiture is Rs 76 crore. Additionally, PB Fintech plans to divest Rs 2 crore from Visit Internet.
A strategic relationship with PB Fintech was launched by private insurance firm ICICI Lombard last month in order to sell insurance products on the Policybazaar platform. Furthermore, PB Fintech disclosed the establishment of PB Pay Private Limited as a subsidiary entity to enable the payment aggregation operation.
