PB Fintech, the parent company of the renowned insurtech platform Policybazaar, has reported a remarkable surge in its financial performance for the fourth quarter of the fiscal year 2023-24 (FY24). With a consolidated net profit of INR 60.2 Cr, marking a significant turnaround from the previous year’s loss of INR 9.3 Cr, PB Fintech demonstrates resilience and growth in a dynamic market landscape.
Stellar Profit Growth
The fourth quarter of FY24 witnessed PB Fintech’s profit soar by almost 62% on a quarter-on-quarter (QoQ) basis, reflecting robust momentum and effective strategic execution. This impressive growth underscores the company’s ability to adapt to evolving market dynamics and capitalize on emerging opportunities.
Driving Revenue Growth
PB Fintech’s operating revenue witnessed a substantial uptick, surging over 25% on both QoQ and year-on-year (YoY) basis to INR 1,089.6 Cr in Q4 FY24. This remarkable growth trajectory highlights the company’s commitment to driving sustainable revenue streams and delivering value to stakeholders.
Fuelling Growth Momentum
Policybazaar, a flagship brand under PB Fintech’s umbrella, emerged as a key contributor to the company’s success, recording a total insurance premium of INR 5,127 Cr in Q4 FY24. This represents a remarkable 43% YoY growth, propelled by the expansion of the new health and life insurance business. Additionally, Policybazaar achieved an annual run rate (ARR) for insurance premiums of INR 20,000 Cr, underscoring its position as a leader in the insurance marketplace.
Driving Satisfaction and Loyalty
PB Fintech’s relentless focus on enhancing customer service and claims support has yielded positive results, reflected in a commendable customer satisfaction score (CSAT) of 89% for Q4 FY24. This customer-centric approach not only fosters loyalty but also strengthens the company’s brand reputation in a competitive market environment.
Diversified Revenue Streams
The company’s core online business, comprising Policybazaar and Paisabazaar, witnessed a robust revenue growth of 33% YoY to INR 669 Cr in Q4 FY24. Furthermore, PB Fintech’s new initiatives business demonstrated promising growth, with revenue increasing by 15% YoY to INR 421 Cr in the reported quarter. This diversified revenue stream underscores the company’s ability to capture opportunities across multiple business verticals.
Looking Ahead
As PB Fintech navigates the evolving landscape of the financial services industry, it remains poised for sustained growth and innovation. With a strong financial performance in Q4 FY24 and a strategic focus on customer-centricity and revenue diversification, PB Fintech is well-positioned to capitalize on emerging trends and solidify its position as a leader in the fintech ecosystem.
PB Fintech’s stellar performance in Q4 FY24 reflects its resilience, agility, and commitment to driving sustainable growth. With a profitable quarter, robust revenue growth, and a customer-centric approach, PB Fintech sets the stage for continued success and innovation in the dynamic landscape of the financial services industry.