PB Fintech, the parent company of insurTech, Policybazaar, has consolidated net profit of Rs 50.98 Crore for the second quarter (Q2) of fiscal year 2024-25 (FY25), reversing a loss of Rs 21.11 crore in the same period last year. This marks the fourth consecutive profitable quarter for PB Fintech, although profits saw a 15 per cent decline from Rs 59.98 crore recorded in the previous quarter ending June.
In its recent BSE (Bombay Stock Exchange) filing, PB Fintech highlighted substantial progress in its lending and card segments, disbursing loans worth Rs 4,237 Crore and issuing 1.46 lakh cards in Q2. The company attributed strong performance to the growth of its core health and life insurance divisions, which it expects to further accelerate in the latter half of the fiscal year.
While revenue saw notable growth, PB Fintech’s total expenses surged by over 30 per cent year-on-year (YoY) to Rs 1,213.4 crore, driven largely by an increase in ‘other expenses,’ which spiked 77 per cent YoY.
However, revenue from operations climbed 43 per cent YoY to Rs 1,167.2 crore, with core business units Policybazaar and Paisabazaar contributing Rs 767 crore, marking a 28 per cent YoY increase. The company’s new business initiatives reported even faster growth, with an 87 per cent YoY rise to Rs 400 crore Total insurance premiums grew by 57 Per cent YoY to Rs 5,450 crore, propelled by solid demand in health and life insurance.
Shares of PB Fintech ended down 4.24 per cent at Rs 1,640.2 on the BSE, reflecting market volatility despite solid quarterly gains in key performance metrics.
