PB Fintech stock jumps 2.9% on strong performance in Q4, recovers 10.5% from day’s low
PB Fintech's shares fluctuated, hitting a low of ₹1159 before recovering to ₹1279.80, a 10.50% increase. Q4FY24 results showed a net profit of ₹60.19 crore and revenue of ₹1,089.57 crore. For the full fiscal year, net profit rose to ₹64 crore and revenue to ₹3,438 crore.
PB Fintech, the parent company of Policy Bazaar and Paisa Bazaar, experienced volatility in its shares during early trading on Wednesday. The stock initially dropped to a six-week low of ₹1159 per share after the opening bell. However, it later rebounded and recovered its losses, reaching 1279.80, marking an increase of 10.50% from the day's low.
This fluctuation in share price followed the company's release of its Q4FY24 and full fiscal year results on Tuesday after market hours, showcasing a strong performance.
For the quarter ending March 31, 2024, the company reported a net profit of ₹60.19 crore, a significant improvement compared to the loss of ₹9.34 crore reported in the same period last year. Its consolidated revenue for the quarter stood at ₹1,089.57 crore, marking a notable increase of 25.36% from the previous year's ₹869.10 crore.
In terms of the company's total insurance premium for the quarter, it amounted to ₹5,127 crore, contributing to an annual recurring revenue (ARR) of ₹20,000 crore in insurance premium. This growth was primarily driven by the expansion of the new health and life insurance business.
Looking at the full fiscal year's performance, PB Fintech saw a significant improvement in net profit, which increased to ₹64 crore from a loss of ₹488 crore in the previous fiscal year. Revenue from operations also surged to ₹3,438 crore from ₹2,558 crore, which is an increase of 34.40%.
Revenue from the company's core online marketplaces, Policybazaar and Paisabazaar, experienced a robust growth of 39% to reach ₹2,375 crore for FY24. Additionally, adjusted EBITDA improved to ₹324 crore year-over-year.
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Revenue from new initiatives increased from ₹848 crore in FY23 to ₹1,062 crore in FY24, with the contribution margin improving from -14% to -3%.
PB Fintech's lending arm, Paisabazaar, achieved a loan disbursal of ₹14,800 crore and issued 5.8 lakh cards. Furthermore, over 75% of disbursals from the Paisabazaar platform were to existing customers, indicating strong customer trust and repeat behavior, as per the earnings report.
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