PB Fintech Q4 results: Firm back in black, PAT at ₹64 crore; revenue grows to ₹1,089.57 crore
Live MintPB Fintech, the online insurance aggregator behind Policybazaar, announced a net profit of ₹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. 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. 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.