Q3 FY24: PB Fintech posts strong numbers, PAT positive with 43% revenue growth

Q3 FY24 - YoY

1. Scale
   1. Insurance Premium at Rs 4,261Cr, an ARR of Rs 17k Cr
   2. Credit Disbursal ARR of Rs 14k Cr and 5.6L Credit Cards 
       
2. Core Online Business
   1. New Protection (Health Insurance + Term Insurance) Premium up 44%
   2. Operating Revenue Rs 593 Cr, up 39%
   3. Contribution Margin improves to 44%
   4. Adjusted EBITDA improves to Rs 76 Cr from Rs 26 Cr, Margin improves to 13% from 6%
       
3. Total Business
   1. Operating Revenue Rs 871Cr, up 43%
   2. Adjusted EBITDA Margin improves to 4% from -5%
   3. PAT grew by Rs 125 Cr to Rs 37 Cr from a PAT loss of Rs 87Cr
   4. Cash position improved by Rs 204Cr YoY to Rs 5,150Cr
       
4. New Initiatives
   1. Operating Revenue of Rs 278 Cr, up 50%
   2. Contribution Margin break-even achieved
   3. Continued leadership in PB Partners, our B2B2C agent aggregation platform

Commenting on results, the company stated:

1. Revenue of our Core Online platform, Policybazaar and Paisabazaar, grew 39% to Rs 593 Cr, while improving their Adjusted EBITDA by Rs 50 Cr YoY for Q3 FY24. Our Adjusted EBITDA for the last 6 quarters has improved by Rs 500 Cr each quarter, in line with our annual guidance of incremental ~Rs 200 Cr adjusted EBITDA.
    
2. Our total Insurance Premium for the quarter was Rs 4,261 Cr, an ARR of Rs 17k Cr Insurance Premium.
    
3. Our renewal / trail revenue is at an ARR of Rs 454 Cr, up from Rs 317 Cr last year same quarter. This typically operates at over 85% margins and is a significant source of profit growth.
    
4. We continue to improve our customer onboarding & claims support services and maintain Insurance CSAT of 88%.
    
5. Credit business continues to grow very well and has been adjusted EBITDA positive since Dec 2022. We are now at the annualized run rate of Rs 14k Cr Credit Disbursal and about 5.6L Credit Card issuance on an annualized basis. Our total Credit Score consumer base now is over 41mn. 
    
6. 75%+ of cards were processed end-to-end 100% digitally. 75%+ disbursals are from existing customers.

We continue to strengthen our leadership in New Initiatives while building further efficiencies. Our new initiatives are break-even on Contribution Margin basis in Q3 FY24.

1. PB Partners, our agent aggregator platform, continues to lead the market in scale & efficiency of operations.

1. We have moved the business increasingly towards smaller and higher quality advisors.
2. Most diversified across different lines of businesses.
3. Present in 17.1k pin codes across India, covering over 90% of pin codes in India.

2. Our UAE Insurance premium has grown 2.4x YoY.

Our Total Operating Revenue for the first nine months is Rs 2,348Cr and consolidated PAT improved by Rs 482 Cr to Rs 4 Cr.

About PB Fintech

Policybazaar & Paisabazaar are the flagship platforms of PB Fintech Ltd. & are India’s largest online platform for insurance and lending products according to Frost & Sullivan. PB Fintech launched Policybazaar in 2008 to respond to Consumers’ need for more awareness, choice and transparency and create a consumer-pull based, provider-neutral model for insurance distribution. In Fiscal 2020, Policybazaar was India’s largest digital insurance platform among all online insurance distributors with 93.4% market share based on number of policies sold. In 2014, PB Fintech launched Paisabazaar with the goal to transform how Indians access personal credit by accentuating ease, convenience and transparency in selecting a variety of personal loans and credit cards. Paisabazaar was India’s largest digital consumer credit platform with a 53.7% market share, based on disbursals in Fiscal 2021. Paisabazaar is also widely used to access credit scores, with c.26 million consumers cumulatively having accessed their credit score through the platform as of January 31, 2022.
 

For Media Queries please contact:

Apeksha Mishra

apeksha@policybazaar.com

For investor queries please contact:

Rasleen Kaur

Investor.relations@pbfintech.in