 "policybazaar")
Shares of PB Fintech, the parent company of Policybazaar and Paisabazaar, surged as much as 2.91 per cent intraday to Rs 1,279.55 apiece on Wednesday. By comparison, S&P BSE Sensex fell 0.12 per cent.
The surge came after the company reported a strong set of March quarter results (Q4FY24). PB Fintech posted a profit of Rs 60.2 crore in the fourth quarter of FY24 (Q4 FY24), as compared to a loss of Rs 9.34 crore in the same quarter a year ago.
Notably, the company posted profits for the first time in the third quarter of FY24 (Q3FY24) at Rs 36 crore.
For FY24, the net profit stood at Rs 64 crore, compared to a loss of Rs 488 crore in FY23.
PB Fintech’s revenue from operations rose 25.4 per cent year-on-year (Y-o-Y) to Rs 1,090 crore in Q4FY24, as compared to Rs 869 crore in Q4FY23.
Meanwhile, the consolidated operating revenue of the company rose 34 per cent Y-o-Y to Rs 3,437 crore.
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The company's overall insurance premium for FY24 stood at Rs 15,875 crore, marking a 37 per cent year-on-year growth.
Particularly, new protection premiums, including health and term insurance, saw a notable surge of 53 per cent year-on-year.
PB Fintech's online core business premium came in at Rs 11,356 crore, while new initiatives contributed Rs 4,519 crore.
Meanwhile, revenue from new initiatives in FY24 reached Rs 1,062 crore, up from Rs 848 crore in the previous year.
Paisabazaar, PB Fintech's lending arm, disbursed loans worth Rs 14,800 crore over the year, with 5.8 lakh card issuances. Policybazaar boasted 7.73 crore registered customers, while Paisabazaar had 4.34 crore consumers.
"We are now at the annualised run rate of Rs 14,000 crore in credit disbursals and about 6 lakh credit card issuances on an annualised basis. Our total credit score consumer base is now over 43 million,” the company said.
At 10:39 AM, shares of the company were trading 0.85 per cent higher at Rs 1,253.95.
