PolicyBazaar parent reports Rs 60 Cr Q1 net profit, revenue jumps 51.8% YoY
PB Fintech saw a 62% YoY growth in online insurance premiums, driven by a 78% rise in new health and life insurance.
PB Fintech, the parent company of the insurtech platform PolicyBazaar, has reported a net profit of Rs 59.98 crore for the quarter ended June 30, 2024.
The net profit remained steady quarter-on-quarter when PB Fintech earned just above Rs 60 crore in Q4 FY24. In the comparable period last year, it had incurred a loss of Rs 11.9 crore. Notably, the company had registered a maiden profit of Rs 37 crore in Q3 of the previous fiscal year.
The Gurugram-based fintech company, which operates brands PolicyBazaar and PaisaBazaar platforms, earned Rs 1,010.49 crore in revenue from operations in the latest quarter—a 51.8% YoY increase from Rs 665.59 crore earned in Q1 FY24, as per the financial statements filed by the company.
In a statement, the company said it saw a 62% YoY growth in online insurance premiums, driven by a 78% rise in new health and life insurance.
Total insurance premiums reached Rs 4,871 crore, with core online insurance up 66%. Credit disbursals were moderated but remained positive, with Rs 3,100 crore disbursed and 1.3 lakh credit cards issued. The renewal/trail revenue, a high-margin profit source, grew to an ARR of Rs 559 crore, PB Fintech said in the statement.
Expenses for Q1 FY25 also increased by 40.6% YoY to Rs 1,081.13 crore from Rs 768.47 crore in the same period last year.
A significant preseason behind the increase was the ballooning of employee benefit expenses, which grew by 18.6% YoY to Rs 455.46 crore. Additionally, advertising and promotional expenses also rose to Rs 245.27 crore, a 23.3% change YoY from Rs 198.85 crore in Q1 FY24.
Notably, other expenses more than doubled, rising from Rs 133.09 crore in Q1 FY24 to Rs 317.47 crore in the April-June 2024 period.
The company also revealed that Dhruv Shringi, Co-founder and CEO of Yatra.com) has joined its Board as an additional director in the capacity of Non-Executive Independent Director.
Notably, PB Fintech Limited received a show cause notice (SCN) dated August 2 from the Haryana government's excise department concerning alleged ineligible input tax credit claims worth Rs 4.7 lakh from July 2017 to March 2018.
Earlier, on June 5, 2024, PB Fintech disclosed an SCN from SEBI to its Chairperson and CEO Yashish Dahiya, regarding a $2 million investment by PB Fintech FZ-LLC, Dubai in YKNP Marketing Management. The notice alleged a violation of SEBI insider trading regulations.
Founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, PB Fintech operates an online platform for insurance and lending products in India and internationally. It provides access to insurance, lending products, and support services through its comprehensive online financial services platform.
In May this year, the PaisaBazaar parent bagged an entry into the MSCI India Index, which is a part of the MSCI Global Standard Index.
(The copy was updated with additional details.)
Edited by Kanishk Singh