PB Fintech (POLICYBZR) Q3 24/25 earnings summary

Executive summary

• Insurance premium rose 44% year-over-year to ₹6,135 Cr, with health and life new premium up 47% and revenue up 48% to ₹1,292 Cr; PAT increased 92% to ₹72 Cr.

• Consolidated revenue for Q3 FY25 was ₹129,162 lakhs, up from ₹87,089 lakhs last year; net profit was ₹7,154 lakhs, up from ₹3,723 lakhs.

• Cash reserves increased to ₹5,473 Cr, with a ₹211 Cr addition in the current fiscal year.

• Customer satisfaction in insurance surpassed 90% for the first time.

Financial highlights

• Core insurance premium grew 42% and core insurance revenue 45% year-over-year; core online insurance new premium up 44% YoY.

• Adjusted EBITDA doubled YoY to ₹79 Cr in Q3 FY25; EBITDA margin improved to 6%.

• Trail revenue ARR rose to ₹665 Cr, up 46% YoY.

• Credit-linked revenue was INR 119 Cr; new initiatives revenue grew 87% with a 3% positive contribution margin.

• Earnings per share (basic) for the quarter was ₹1.57, compared to ₹0.85 last year.

Outlook and guidance

• Management targets 30%+ growth but notes unpredictability; focus remains on long-term growth over short-term profitability.

• No new or revised guidance for FY27; previous INR 1,000 Cr net income target for FY27 stands.

• Contribution margin in the 40% range is expected to improve as business matures and renewals increase.

• Management continues to monitor regulatory and tax matters, with legal opinions suggesting no material impact.