PB Fintech Ltd Share Price – NSE  /  BSE

IT - Software, Mid Cap

PB Fintech will hold a meeting of the Board of Directors of the Company on 7 May 2024.

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With grant of new certificate of registration, the category has been changed from direct insurance broker (life & general) to composite insurance broker,” the Policybazaar-platform operator said in a statement.

PB Fintech is engaged in providing integrated online marketing and IT consulting and support services largely for the financial services industry including insurance. It operates Policybazaar, the India's largest digital insurance marketplace and Paisabazaar that provides services related to lending products.

The company reported consolidated net profit of Rs 37.22 crore in Q3 FY24 as compared with a net loss of Rs 87.62 crore recorded in Q3 FY23. Revenue from operations jumped 42.74% year on year (YoY) to Rs 870.89 crore in the quarter ended 31 December 2023.

The scrip slipped 0.44% to currently trade at Rs 1155.95 on the BSE.

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The Insurance Regulatory and Development Authority of India (IRDAI) has granted in-principle approval to Policybazaar Insurance Brokers (Policybazaar), for upgradation of license from direct insurance broker (Life & General) to composite insurance broker.

A composite insurance broker can also sell reinsurance products besides general and life insurance products.

The company stated that this will allow it to deepen the insurance penetration in the country by bringing more technology, process control and data analytics based innovation into re-insurance capacity.

PB Fintech is engaged in providing integrated online marketing and IT consulting and support services largely for the financial services industry including insurance. It operates Policybazaar, the India's largest digital insurance marketplace and Paisabazaar that provides services related to lending products.

The company reported consolidated net profit of Rs 37.22 crore in Q3 FY24 as compared with a net loss of Rs 87.62 crore recorded in Q3 FY23. Revenue from operations jumped 42.74% year on year (YoY) to Rs 870.89 crore in the quarter ended 31 December 2023.

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Revenue from operations jumped 42.74% year on year (YoY) to Rs 870.89 crore in the quarter ended 31 December 2023.

Pre-tax profit stood at Rs 37.22 crore in the December quarter as against with pre-tax loss of Rs 87.59 crore recorded in Q3 FY23.

The company said that it sourced Rs 4,261 crore insurance premium, having an annualised run rate (ARR) of Rs 17,000 crore in Q3 FY24 marking a 41% growth YoY. New protection business (health + term insurance) increased 44% in Q3 FY24.

During the quarter ended 31 December 2023, core online business revenue was at Rs 593 crore (up 39% YoY). The business' contribution margin improved to 44% in Q3 FY24 from 43% posted in Q3 FY23.

Core business adjusted EBITDA jumped to Rs 76 crore in Q3 FY24 from Rs 26 crore in Q3 FY23. Adjusted EBITDA margin improved to 4% in the December quarter as compared to -5% registered in Q3 FY23.

The company’s revenue from new initiatives stood at Rs 278 crore, registering a growth of 50% YoY.

PB Fintech stated that online marketplaces Policybazaar and Paisabazaar, which refer to as core business, improved their adjusted EBITDA by Rs 50 crore YoY for Q3 FY24. This number for the last 6 quarters has improved by Rs 50 crore which translates to an annual gain of Rs 200 crore.

The firm’s renewal/trail revenue is at an ARR of Rs 454 crore, up from Rs 317 crore last year same quarter. This typically operates at over 85% margins and is a significant source of profit growth, said PB Fintech.

Further, the company added that it maintained CSAT of 88% and continued to improve its claims support and customer onboarding services.

Credit business continues to grow very well and has been adjusted EBITDA positive since December 2022. We are now at the annualized run rate of Rs 14k crore crediut disbursal and about 5.6 lakhs credit card issuance on an annualized basis. Company’s total credit score consumer base now is over 41 million,” the company stated in the press release.

Meanwhile, the company’s board granted unsecured loan up to Rs 200 crore to Policybazaar Insurance Brokers which is a wholly owned subsidiary of the company. It also granted unsecured loan up to Rs 50 crore to Paisabazaar Marketing and Consulting, a wholly owned subsidiary of the company, in one or more tranches during the financial years 2023-24 and 2024-25

The interest rate for the loan will not be lower than the prevailing yield of Government securities closest to the tenor of loan.

Further, the firm announced investment of an amount not exceeding Rs 40 crore in the equity shares of Icall Support Services, a wholly owned subsidiary of the company, in or more tranches during the financial years 2023-24 and 2024-25..

PB Fintech is engaged in providing integrated online marketing and IT consulting and support services largely for the financial services industry including insurance. It operates Policybazaar, the India's largest digital insurance marketplace and Paisabazaar that provides services related to lending products.

The scrip hits 52-week high at Rs 1,039.70 in today’s intraday session.

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