PB Fintech Ltd.’s profit more than doubles to Rs 189 crore in the third quarter of this financial year. This is in comparison to profit of Rs 71.5 crore in the previous quarter of this fiscal, according to its stock exchange notification on Monday.
Revenue advanced by 37.1% year-on-year for the three months ended December, reaching Rs 1,771 crore. Operating income, or earnings before interest, taxes, depreciation, and amortization rose to Rs 159 crore. The Ebitda margin expanded to 9%.
PB Fintech Q3 Highlights (Cons, YoY)
- Net Profit at Rs 189 crore versus Rs 71.5 crore.
- Revenue rises 37.1% at Rs 1,771 crore versus Rs 1,292 crore.
- Ebitda at Rs 159 crore versus Rs 27.6 crore.
- Margin at 9% versus 2.1%.
The total insurance premium for the quarter stood at Rs 7,965 crore, marking a 45% uptick year-on-year. This rise was led by growth in online new protection business.
While the company’s core insurance revenue was up 42% on a year-on-year basis, its core credit revenue rose 8% sequentially.
The renewal or trail revenue stood at an annual recurring revenue of Rs 841 crore. This marks a 38% uptick from the ARR in the same quarter last year. This is a key driver of long-term profit growth.
PB Fintech’s Core New Insurance Premium rose 56%. The company also added that it has been growing between 34%-56% for the last 11 quarters, excluding savings category. The company’s credit revenue for the quarter was at Rs 115 crore while the disbursal was at Rs 2,470 crore for the core online business.
The company’s UAE premium rose 62% year-on-year and has been aligning more towards health and life insurance, similar to India business.
In addition, the company said the board of directors will meet on Thursday to consider and approve a fund raise through Qualified Institutions Placement.
PB Fintech Share Price Today
The quarterly earnings were shared after market hours. The stock settled 3.45% lower at Rs 1,563.30 apiece on the NSE, compared to a 1.06% advance in the benchmark Nifty 50. PB Fintech’s shares have fallen 9.47% in the last 12 months and 14.37% on a year-to-date basis.
Out of 23 analysts tracking the company, 13 maintain a ‘buy’ rating, four recommend a ‘hold’ and six suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target of Rs 2,005.47 implies an upside of 28.3%.
