PB Fintech Q4 results: Firm back in black, PAT at ₹64 crore; revenue grows to ₹1,089.57 crore
₹60.19 crore for the quarter ending March 31, 2024, contrasting with a loss of ₹9.34 crore reported in the corresponding period of the previous year. Moreover, the consolidated revenue for the quarter reached ₹1,089.57 crore, marking a notable increase of 25.36 per cent compared to ₹869.10 crore reported in the same period last year. In FY24, there was a significant turnaround in the Profit After Tax (PAT), shifting from a loss of ₹488 crore to a profit of ₹64 crore.
Also read: Dr Reddy’s Q4 net profit rises 36% to ₹1,307 crore, surpasses market expectations PB Fintech's total insurance premium for the quarter amounted to ₹5,127 crore, marking an Annual Recurring Revenue (ARR) of ₹20,000 crore in insurance premiums. This growth was primarily driven by an expansion in the new health and life insurance segments. Additionally, in Q4 FY24, online insurance new premiums experienced a notable 47 per cent year-on-year increase.
The company's cash position saw a year-on-year improvement of ₹259 crore, reaching ₹5,263 crore, attributed to a 39 per cent year-on-year growth in core online revenue, amounting to ₹2,375 crore. In FY24, the overall business premium increased by 37 per cent year-on-year to ₹15,875 crore. Within this, the core online business premium constituted ₹11,356 crore, marking a 34 per cent year-on-year increase, while new initiatives contributed ₹4,519 crore.
In FY24, revenue from the core online business surged by 39 per cent year-on-year to ₹2,375 crore, while revenue from new initiatives saw a 25 per cent increase, reaching ₹1,062 crore. Furthermore, in FY24, operating revenue amounted to ₹2,375 crore, marking a 39 per cent year-on-year growth. Despite a significant rise in new health insurance premium, the
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