PB Fintech: PB Fintech swings to revenue in Q1 at Rs 60 crore

PB Fintech, the father or mother of Coverage Bazaar, reported a consolidated web revenue of Rs 60 crore for the quarter ended June 30, 2024, reversing a lack of Rs 12 crore in the identical quarter a yr in the past led by development in enterprise. Income for the quarter grew 52% to Rs 1,010 crore.

The corporate’s whole insurance coverage premium for the quarter surged 61% to Rs 4,871 crore up from Rs 3,011 crore, pushed by a 78% year-on-year development in new well being and life insurance coverage enterprise. Renewal or path income achieved an annual recurring income (ARR) of Rs 559 crore, up from Rs 418 crore final yr.

The corporate noticed moderation in credit score enterprise, the place the credit score disbursals fell from Rs 3542 crore to Rs 3140 crore. Nonetheless, the corporate mentioned that regardless of a moderation in its credit score enterprise, PB Fintech remained adjusted EBITDA constructive since December 2022. The corporate reported greater than 1.3 lakh bank card issuances.

Shares of PB Fintech fell 2.93% to Rs 1,431 on the BSE, whereas the benchmark index declined 0.21% on Tuesday.