{"id":182437,"date":"2026-05-06T10:09:42","date_gmt":"2026-05-06T14:09:42","guid":{"rendered":"https:\/\/alphastreet.com\/india\/pb-fintech-ltd-policybzr-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-06T10:13:50","modified_gmt":"2026-05-06T14:13:50","slug":"pb-fintech-ltd-policybzr-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/pb-fintech-ltd-policybzr-q4-2026-earnings-call-transcript\/","title":{"rendered":"PB Fintech Ltd (POLICYBZR) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

PB Fintech Ltd (NSE: POLICYBZR) Q4 2026 Earnings Call dated May. 06, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Mohit Khopragade<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Yashish Dahiya<\/strong> \u2014 Chairman and Chief Executive Officer<\/em><\/p>\n

Sarbvir Singh<\/strong> \u2014 Director and Joint Group Chief Executive Officer<\/em><\/p>\n

Santosh Agarwal<\/strong> \u2014 Key Managerial Personnel<\/em><\/p>\n

Analysts:<\/h2>\n

Sachin Salgaonkar<\/strong> \u2014 Analyst<\/em><\/p>\n

Jayant Kharote<\/strong> \u2014 Analyst<\/em><\/p>\n

Dipanjan Ghosh<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Neeraj Toshniwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Manas Agrawal<\/strong> \u2014 Analyst<\/em><\/p>\n

Nishin Chawate<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sanketh Godha<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Mohit Khopragade<\/strong> \u2014 Investor Relations<\/em><\/p>\n

A very good evening everyone and a very Warm welcome to PB Fintech Limited earnings conference call for quarter four and full year financial year 26. Today we have with us Mr. Yashish Dahia, Chairman and Group CEO of PV Fintech Mr. Alok Bansal, Executive Vice Chairman PV Fintech Mr. Saravir Singh, Joint Group CEO PV Fintech Ms. Santosh Agarwal, CEO Pesa Bazaar Mr. Mandeep Mehta, Group CFO PB Fintech and myself Mohit Head of Investor Relations PB Fintech. I now request Yashish for his introductory.<\/p>\n

Yashish Dahiya<\/strong> \u2014 Chairman and Chief Executive Officer<\/em><\/p>\n

Thanks very much Mohit. Hi everyone. Before I just start giving you the numbers which some of you may have already seen because the press release went out about an hour and a half ago. See we, we spent the last two, three months just thinking a little harder about various data points etc. And one of the things interesting pieces that we came up with, came came out with was that when you look at health insurance data over the last 10 years that we have had customers who joined us 10 years ago and we explore that data more deeply.<\/p>\n

Only 5% of these lives, only 5%. If 100 customers bought insurance 10 years ago, only five of them used a claim more than once. Another about 8 or 10 use the claim once and the rest never claimed for 10 years. And I won’t take a long time. The remaining 85 odd customers they were talking about and that represents about 67% of all insurance policies have no customer who has ever claimed for the last 10 years and have been paying premiums for a 10 year period. Those 67 do not interact with anybody and usually the one who’s responsible for bringing these customers into the insurance fold is some kind of mandation.<\/p>\n

So if you look across the insurance industry you will usually find customers buy products when they are mandated but otherwise it’s a very difficult job to bring this 67% of policies into the insurance fold to pay premiums year on year without claiming for a single year over a 10 year period. And this is the job that is entrusted to the insurance industry. And I think this is the part every time somebody wakes up in the morning and tries to compare health insurance and term insurance with any other product in the like a mutual fund or even the insurance savings products, etc.<\/p>\n

I think they make this mistake that this 67% actually is not going to claim at all. Anyway, let’s stop there. But that is our job and that is what Policy Bazaar really really specializes at bringing in that 67% of people who are not going to claim because without that, Please appreciate that 5% of lives will simply not be able to afford their situation because even over a 10 year period their claims ratio that a life level is almost 7, 800%. At a policy level it is about 300%. So they cannot afford these policies, they cannot afford their health care which without the insurance policy.<\/p>\n

Coming to the Results, we grew 42% year on year to almost 30,000 crores. I wish it was 30,000 crores but it’s 29,934 crores led by new protection premium which grew at 57% year on year and the PAT is at 670 crores which represents 2.2% of our premium. Now for the full year our insurance premium obviously grew at 42% but for the quarter it grew at 46% year on year. So what I’m trying to say is as we get towards the end of the year, the speed has increased a little bit. The core online insurance premium is up 39% for the year and the new protection premium is up 57% for for the year.<\/p>\n

However, when you look at the same numbers on the quarter, they are 44% and 67% each. This obviously the fact the last two quarters were somewhat faster growth boards. Well as we go forward and also because the savings business came out of a low cycle, you’re starting to see some higher growth. The lending dispersal is also clearly in the positive territory. Now we are up 11% year on year overall at the financials the operating revenue was 6,794 crores. The operating revenue for the quarter is just about 2000 crores.<\/p>\n

The new, the overall protection business was up for the year 57%, health at 68%. So even in this, you know, 67% year on year story, health continues to be slightly ahead of the, of the, of the pack, which is a, you know, positive sign. But term is catching up fast and as we look into the new year, term is certainly going to be challenging. Health. For the overall year, the consolidated operating profit, operating revenues grew 37%. I think we’ve given you all these numbers when we look at, you know, our core renewal revenues.<\/p>\n

As I explained why the quarter is doing better and why we feel confident about the financials for the coming years. As I said in the past, our renewals is a large contributor to our future growth of profits. But that has gone up for the last 12 months rolling from 668 crores to 935 crores, up to 167 crores. And for the quarter this is at an ARR of 1126 crores, up from 689 crores. So that’s a growth of 63% year on year. And this is one of the key drivers, not the only driver. I must emphasize that the new business is also contributing to increasing profits and doing so very handsomely.<\/p>\n

The second part is the growth has been obviously accelerating. So as we said, net of savings. We look at one thing which is net of savings. Over the last few years we’ve been in the 30 to 40% range, mostly around 35%. But this quarter we were at 59% year on year. That is basically savings coming into growth territory again. And including savings, we were at 48% year on year for the quarter for the new insurance premium. So again, new versus renewals. New is still outgrowing renewals and New health is outgrowing everything else.<\/p>\n

We continue to improve our customer onboarding and claim support. And the insurance CSAT is Now consistently above 90%. Even our pesa Bazaar CSAT which used to be at about 72% has finally reached about 90% which is a very positive turn. Our credit revenue is up 7% year on year and the dispersal is up 11% year on year. However, I must emphasize PESA has made very significant difference in the last one year in terms of the stability of its supplier base, in terms of the service that we provide as a platform.<\/p>\n

We are no longer just a redirection platform. We are increasingly an end to end platform. And in terms of its customer service. So the core reasons why our business exists, it has improved remarkably on obviously our new initiatives, as you’ve seen, have continued to do well. We are. Ebitda is at minus 4% with a 5% contribution margin. We’ve grown at 43% year on year. However, I must emphasize New Initiatives is no longer. I don’t know why we call it new anymore. It’s about three, four years old.<\/p>\n

They are. Okay, I’ll speak a little slower. So they. The new initiatives is now growing pretty much at the same pace as the other businesses. So there is nothing very specific about the growth rate here. PB Partners has 450,000 advisors and it is the most diversified business. 99% of the pin codes in the country are covered. Our UAE business grew 54% year on year. They have built their strength on the basis of cross border health insurance and life insurance products as well as the claims assurance program.<\/p>\n

Again learning from a policy bazaar in India and taking those learnings there and applying them beautifully. The consolidated pat, as I said, grew. Yeah, I’ve already said all this to summarize, you know, once in a while it helps to look back at November 21st and now where we are. Our revenue has grown at a CAGRADE of 48% over this period over the last four, five years and our PAT has grown from minus 58% to plus 10% in the full year of 2026. I’ll stop there and take questions.<\/p>\n

Mohit Khopragade<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Hi everyone. May I now request, you know, to ask your questions? Hi Sachin. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Sachin Salgaonkar<\/strong><\/p>\n

Thanks Mohit. Congrats management on one more time a great set of results. I have a few questions. First question, want to understand a bit more on what’s driving the new insurance premium growth. It’s as high as around 59% YoY in this quarter. Any color on some of the drivers in terms of the product mix, volume growth and so on so forth. And more importantly, how could we think about this growth in coming years?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

S<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

Yeah, sure. So Sachin, I think the drivers of new insurance premium growth remain the same. I think health has been growing fairly rapidly. There was a little bit of a bump up that we got after September, I think after GST in the last quarter also if you saw we did grow I think quite strongly and in this quarter also that growth continued. And I think it’s on the basis of two, three things. One is a, a superior product proposition. We have modular products which allow us to segment the market and you know, produce the most appropriate product for every person whether you are young, old, you have pre existing diseases, you’re a non resident Indian, etc.<\/p>\n

The second thing on the health side that we provide is a superior claims experience. I think increasingly the confidence that both our sales advisors and the customer who’s coming to Policy Bazaar have in this proposition that if you buy from Policy Bazaar the chances of getting a claim become higher and higher, closer to 100%. I think this proposition is beginning to take root and I believe there is this story has a long way to go because you know, as you can imagine this is the most important issue.<\/p>\n

I think on the term side in Q4 we had a great quarter. I think the team has been bringing things together and I think they all sort of came together in Q4. There was a little bit also that last year fourth quarter was not as strong. So the comparison was also a little bit favorable savings as Yashish mentioned had not. We had a little bit of a tough last three, four quarters starting from Q4 of last year. So we returned back to growth. In fact, savings would have had an even better quarter in Q4, except that in March because of the situation in the Gulf, etc.<\/p>\n

The non resident business definitely took a little bit of a hit in that, in that way. And the other businesses, motor two wheeler, you know, travel of course was a little soft, but motor2wheeler continued to grow. So I think overall all the businesses I would say contributed, the drivers are the same. We got a little extra in Q4 in health term and to some extent in savings.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

And in terms of steady state growth, what could be the growth one could think about?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

We, we always guide about 30%. We always beat that guidance.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Okay, fair point. Okay, second question. Yashish, you know your presentation does mention a lot on AI in terms of PBAI operating system. It’s used across different functionalities, right? From a risk to claims and to everything. Any way to quantify the margin benefits we could see on the back of AI implementation? Not immediately. Maybe from a medium term perspective, the benefits of AI on the revenue and cost. How could one think about that?<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

I think Sachin, the best way to think about it is that we are not actually right now, if you ask me, in the stage where one is trying to optimize for cost and you know, margin, etc. I think right now we are in a stage where we want to make sure that we are leveraging AI in the best possible way. And we’ve tried to give you a flavor for that, which is to say that we are focused on increasing right now the productivity of our sales team, of our customer service team, of making sure that our customers can get an amazing experience when they come to the platform.<\/p>\n

So I think right now the focus is on these things and obviously we are trying a lot of experiments to see beyond this also on the frontier kind of stuff. So the idea, I would say from a outside perspective is to make sure that we are doing all these things and delivering. And you can see that, you know, conversions have been going up quarter on quarter, year on year. It’s always very hard to break it down as to how much is due to AI, how much is due to other things. But I would say overall what gives us optimism and hope for the future is that I think all our teams, it’s no longer, you know, few people using AI or something, entire company is on it and lot of organic things are coming up and we can see the productivity going up.<\/p>\n

Exactly what will happen three years from now, five years from now? I think that remains to be seen. My view is that over the long term, these things adjust. So the main thing for us remains to drive fresh growth. So if you ask me, the structure of the P and L, I think is in, if I could say it myself, is in pretty good shape. The main thing now is that we must continue to drive fresh growth, bring new customers to the insurance industry and service them well. That’s really our focus. So I’m not sure we’re looking at this as some kind of margin driver going forward.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

And is that fair? No, no, that’s a fair, that’s a very fair statement. And as you think about AI, and I’m not just talking about Policy Bazaar, but also the insurance industry, I think the biggest use case in the insurance industry is going to be risk, not efficiency. I think we are as, as people more focused on the efficiency part. But the insurance industry is actually not about distribution, is actually about claims and it’s about cost of claims and underwriting and all those things. But, and we, like I just give an example that only 5%, 5 out of 100 people who bought an insurance policy 10 years ago have ever made more than one claim.<\/p>\n

Now obviously the next thing we want to know is, okay, how do we identify those five before they become those five? Right, because that’s appropriate pricing. And of course AI is going to help a big time in that. Now, at the point of claim identifying whether a claim is right or wrong, I think that is the immediate and the most critical use case. The second use case is more about building our capability as people. And I think the answer is spot on. Our priorities, not for one year or two years, but for, I would say the next five years and hopefully much longer, is growth and customer excellence.<\/p>\n

See, those of you who see us from the outside in and maybe compare us to an Amazon or something, might feel like, oh, what’s so great about this customer excellence? But the moment you compare it to the industry dynamic and the complexity of the industry, I think we are phenomenal in customer excellence and we have a very long way to go in that. So those two are the primary drivers. And as long as we keep driving on that, I think everything else will fall in place.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Got it very clear. Third question, Yashish is on the growth and the new opportunities. Clearly when we look at the kind of cash flows PB FinTech is going to generate in coming years, it’s pretty huge. So when you think about growth and new opportunities, what are some of the areas of investments either in the current business or adjacencies? We are looking and A relative question is PB Health clearly is in the market to look to raise money. Is PB fintech looking to invest in the next round?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

So on both of them today, we are not exploring either as a board or I can tell you, as a management, any other growth opportunity. We have not come across any in the last three months and we are not actively looking at anything and we have not even discussed anything and I’m not even saying at a board level, even at a management level. Number two, you asked about PV Health. Yes. PB Health is going to be raising capital. They will be close to that. They have not come to policy to PB FinTech to raise capital yet.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Okay. But you know, there remains a possibility PB FinTech might invest in PB Health at some point.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

That that has to come to the board. And when it comes to the board, yeah, BB FinTech might consider it. It might. It has the right to do a pro data. It has about 26, 28% shareholding. It has a right to maintain that.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Got it. And last question I would say is, you know, any incremental discussion on any cap on commissions or tighter commission regulation. As you know, this was all around in media around three to four months back. But as of now there appears to be no news flow on this topic.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

No, no, there’s news flow. Even today the media is much more active than either the regulator or the insurance industry. So nobody else knows? Only the media knows.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

All right. I<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Think earlier you had only one. Now you have two, three of them competing with each other. What? The same news flow<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

But nothing from the regulator on this topic. Right. Or basis your discussion with the regulator?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

I haven’t seen anything. Neither have any of the Journal companies seen anything.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Got it. Very clear. And all the best for future. Thank you. I don’t<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Think most of the people in the regulator have also seen anything. The media has seen it.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Thanks Yashi.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you. Thank you, Sachin.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

No, look, look, I think what we hear, I have to be a little less jovial about it a little more. It doesn’t mean that we don’t track. What we track is, I believe there are two different conversations that go on. Actually multiple conversations that go on. One conversation that’s been on in the life insurance industry is about some form of deferred revenues. We have. We, we don’t want to participate in that debate. We are very positive about it. If that happens, that’s a very, very good thing for us.<\/p>\n

The, the second conversation that goes on is some kind of, you know, lower eom structure in. In the health insurance industry once more. We welcome it if it happens. We have no kind of comment to offer on this. The remaining conversations that you hear we only hear from the media. Honestly, we actually don’t hear it from the regulator.<\/p>\n

Sachin Salgaonkar<\/strong><\/p>\n

Fair point. Thank you.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you. We will take the next question from the line of Dan Karote from excess.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Hello. Hi. Thanks for the opportunity and congratulations the whole team for once again delivering above expectation numbers. First question is on the margins. If you can help us break down the core business margins. I see this 25% meaning if FAISA Bazaar has turned around this quarter then does that mean how does the yoy margin look in the insurance business? Basically if you could break down the margin movement in Paisa Bazaar and the core insurance business,<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

I don’t think we get into that level of detail. I don’t know if you’ve done that historically. So we will simply avoid it. Both are doing well at the contribution level. Both are doing well and both are quite similar now at the contribution level. Yeah, maybe. Maybe insurance a little better.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Has Pesa Bazaar turned around on ebitda? Is it positive or is it.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

So Pesa Bazaar on an operating basis is positive on EBITDA this quarter and honestly internally at least we expect it to be significantly positive next year. So we actually expect quite a strong year from Pesa Bazaar. I don’t know Santosh, if you want to speak a bit about it.<\/p>\n

Santosh Agarwal<\/strong><\/p>\n

Yeah, I think right now quarter four, I think the contribution margin is healthy and at an EBITDA level it is still minuscule. I would say very small. I think this finance. But it’s positive. It’s positive. Of course this financial year I think we should make a lot of progress and I think we’re seeing growth every quarter. That’s all I would say. But for it to be meaningful, I think it’s a wild way.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

So in Pesa Bazaar only if I could double click and maybe Santosh ma’, am, if you could help. See the. The main issue is has been that our fixed cost base is roughly in that range of 200 crores plus minus. I don’t know the exact number. But the revenues unfortunately have been facing some downward pressure. Whether it’s credit card issuances or whether it’s even the. The take rates in unsecured. Right. There is. Industry is having a lot of channels that are doing that. Of course Paisa has had its moat but there is a take rate directionally that that’s getting compressed.<\/p>\n

So where do you see that delta coming from? And again, while you are building new businesses, does it mean it’s not adding up indirect costs on the balance sheet?<\/p>\n

Santosh Agarwal<\/strong><\/p>\n

You rightly mentioned the number. So the cost number are roughly similar, right? They’ve stabilized and I think what we will see the sales operating leverage because of that. So the fixed cost adoption will be better and as we scale the margins will the the pat margins will emerge. That’s what we expecting in this financial year. We are starting a few new initiatives but those will not add to incremental cost. So I don’t see the cost side increasing too much. As the revenue scale the margins will improve.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

And ma’, am, is the renewal revenue improving or that continues to struggle a little bit because of what has happened in cards?<\/p>\n

Santosh Agarwal<\/strong><\/p>\n

So largely PESA is a origination revenue. This renewal revenue is not too significant. So most of what you see is one time origination revenue.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

So<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

In fact jayant we are moving away from so there was. I know what you mean by renewal revenue is what used what we used to receive up to one two years ago. We still receive some component of that but that’s becoming less and less important. We are more and more focused on upfront payments rather than renewal revenue. However, as we move towards the savings business some of it will appear but honestly you’re probably from a revenue perspective and a meaningful revenue both at PB FinTech and even Pesa Bazaar level you’re probably talking not the next two years from a renewal revenue of that<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Great and last question is on this whole, while I know there is no consultation paper that is out there but one hypothetical question to you Yashish, if at all there is some take rate reduction we operate at a blended between 16 to 18 if there is a 500bps. The only question is how much can we manage costs.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

I’ll give you all the very very straight answer as I see it and you either accept it or don’t accept it. See if we were an insurance company, if Policy Bazaar was an insurance company and I’m talking about health insurance because as I explained you have to break this up right posp what happens honestly doesn’t matter to us. You know whether I say it or not, we do that business for different purposes, growth and whatever, defensive play, etc. Etc. Right. But in the core business that we talk about it, if you look at life, I think whatever happens we will benefit because whenever you have deferral of payments the larger more consolidated players benefit because they are the ones who can play that game out very well.<\/p>\n

I think story everybody may be worried about his health. And so let me address that. If Policy Bazaar was an insurance company, our total costs and the claims paid out on our book and when I’m looking at a fully loaded delayed book are less than 80%. There is no insurance company in the country who can compete with that. So all I’m saying is we have the most profitable book in the industry via 20% delta from the rest of the industry. So there that 20 profit will go somewhere whether to us or to the insurance company.<\/p>\n

And it will be a fair outcome right between us and the insurance players. How? You have to trust us. It can always take us three months, six months to put that in place. But that will come in place whether it comes through, whichever mechanism it comes through, whether from a reinsurance, whether from a reinsurance broker, whether from a jv, whether from whatever mechanism it comes through. But it will come through. I also explained to you and I think you guys should start catching the clues of what I’m trying to give.<\/p>\n

We know the 95% of customers who are not claiming. So I just leave it there. So I know the part of my book which is operating at, you know, less than 10% claims ratio. It is visible to me. Those customers deal with me every year at every renewal. I’ll stop there. You can just imagine the kind of. This<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Is. This is as clear. I think please,<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Please don’t worry about my 16%. I take the 16% because I only want to take 16%. It’s not because I can only get 16%. It’s. I’ll, I’ll park it there.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

No, this, this is very helpful. Sorry, just what I was asking was on the agent side, right. We have essentially. How much do you think we can pass on to the telephone? I mean the teleagent network with the AI also coming in, can we offset basically I was trying to say yeah, even if we were to take 30, 40 bips, can we offset that through more IVR and teleagent pass on? Is that a right thought process or I shouldn’t be thinking<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

J. I just want to be very upfront with you. It’s not like that. We are today not trying to be more productive because we are getting paid expense. I mean our teams are seriously working hard and we will not leave anything. I mean it doesn’t matter whether the commission goes up or down. We want to be more productive. So yes, I understand where you are going. I think Yashish was trying to indicate that the economics very much support the take rate that we get and we leave significant profitability for our partners also.<\/p>\n

So hopefully as things work out and depending on where they go, I think it’s kind of speculation is not required. Wherever we end up, we have a very high probability of being able to manage the economics. I think that’s what the message we are trying to give you. But I do want to assure you that we are making every effort every day to be more productive and reduce cost, whether through AI and all other, you know, routes available to us.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Great, great. Thanks a lot and congratulations once again to the whole team for the great setups.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you. Thank you. Jayant. We will now take the next question from the lineup. Ghosh from sitting.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Hi. Hope I’m audible.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Yes, you are audible.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Hi. So just few questions from my side. You know first, you know when I look at the evolution of Policy Bazaar, I mean from insurance and pasa, now pension, in your presentation you have mentioned about PV marketing, your intention to get into even stockbroking. If I’m not wrong, you mentioned in the presentation you’re applying for ARN license for mf. When I look at the landscape, the way it is developing and some of your listed peers or even unlisted peers, it seems all of you would start becoming a digital native platform for distribution of all sorts of financial products or most sorts of financial products.<\/p>\n

Now there are two questions. One is how do you really differentiate yourself from others? Maybe not today, but let’s say five years out. And second is in terms of leveraging your existing customer base, whether it’s policy or pesa for this new product classes or kind of cross selling, what sort of data sharing practices are there? Or I mean can you, can you really do that? I mean can you, how do you really leverage the existing customer base? My second question is on. Is on PB Connect, the physical leg of the lending.<\/p>\n

It seems that the volumes were quite low compared to last quarter. So is there any change in strategy on that business? And my last question is on the on the insurance business and PB and the POSP business on the insurance side, not the psv. I mean basically the digital leg of the business. On the core insurance side, in terms of you deploying manpower in 200 plus cities, I just wanted to understand in terms of capacity that you have currently to service and the product mix or margin profile, how do you really look at the digital business versus core online business?<\/p>\n

I mean over long term, will there be any difference in the margin profile?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Sure. No. Thank you. First of all, we have two businesses in Policy Bazaar. One is Policy Bazaar and One is Pesa Bazaar and a lot of what you mentioned actually applies to Pesa Bazaar. So I’ll pass that on to Policy Bazaar stays extremely focused on one problem and it’s a very, very deep problem. And I don’t think anybody else is trying to solve that problem, which is solving for Social Security of the middle class, which implies protection against death, disease, disability and old age, which can be pensions.<\/p>\n

So there are basically four products required. And I’ve always said that health. I’m becoming a bit like Trump saying the same thing. I always said it. Always said it. No, should not say that. So health, term, pensions and waiver of premium. Waiver of premium is basically, you know, in case something bad happens. If you invest in a mutual fund, you only get the three months you’ve invested for, but if you die, then, you know, you get the wave. So these are the four products, right? And that goes for child education.<\/p>\n

So these are what Policy Bazaar is focused on. Pesa Bazaar and the. The future that it wants to build. I will just pass on to Santosh to explain before I go there. Maybe Sarabhy can cover the insurance physical versus online. I know there’s no difference.<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

So again, just to be very clear that the person comes to our platform and either the same person who is speaking to them on the phone goes to visit them or they pass on, they make an appointment and one of their colleagues who’s in that city goes to meet the customer. So there is. The journey is exactly the same. It’s just the fulfillment, which is physical. It’s about 25% right now of our savings, term and health business on app. If you just looked at together, it has been growing quite rapidly, but so has the rest of the business.<\/p>\n

So the percentage, you know, grows very, very slightly every, every quarter, every year. Now, as far as the economics of the business are concerned, they are actually very, very good because as you can imagine, the lead cost is the same. Now we’re getting extra conversion from that lead, right? We have spent money to get the customer, now we’re getting extra conversion from that. So that conversion, of course, comes at a very, I would say, very high contribution margin. The biggest challenge that we have been working on from day one is the quality of the business because suddenly we have a situation where you are not on a recorded line, etc.<\/p>\n

Etc. So we do verification calling. We focus from a cultural perspective to ensure that our team understands the importance of quality, etc. So I think the skill that has been built, the first skill to be built was how to manage a physical workforce which I think our team now has got pretty good at. The second skill that we have built is how to manage the quality of that sales so that there is no deviation. Because you know all the things that we tell you about the quality of business at Policy Bazaar is one of the key ingredients and that is measured in terms of, you know, claim settlement rates, loss ratios, in terms of persistency and renewal rate.<\/p>\n

These are the clear metrics which tell you whether the quality is good or bad. And all I would say all four of them are at all time highs right now. So so far it appears that we are managing it well. But it’s something that we are very watchful about.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

I’ll now pass on to Santosh and before I pass on to Santosh, you know we have kind of not this is not a board approved thing but our idea is that Pesa Bazaar goes on to list itself maybe in four years, five years, whenever. But that’s the whole idea to which the team is driving towards. And I’ll kind of pass on to Santosh to kind of explain what her strategy for doing that is or not for doing that. But yeah, over<\/p>\n

Santosh Agarwal<\/strong><\/p>\n

The pungency largely has about 5.8 crore consumers that is acquired till date a lot of credit, you know, and that almost represents 50% of the active credit Indians in India now. How do you do more these consumers is basically the idea. We are transitioning into becoming a more engagement platform than a one time origination platform. And you can of course do that for credit but you can also do that through savings. People want you know, both kind of products now to do the savings business. We of course wanted both the bonds and mutual funds.<\/p>\n

So the stockbroking license that you are talking about is a prerequisite for acquiring a bond license. So that is why you see that license being applied. And bonds I think is a very good consumer product, very efficient and a good fixed return product that consumers like. We’ve done some initial experiment with partnering with the platform and seen some early success. So that gives us a lot of confidence that this area will really build. And I think it’s the right time to also I think start this product in India today.<\/p>\n

It’s a very new industry and there’s some activity happening. But I think we had the right time entering the space on the mutual fund side. It is an established industry if you ask me. Really the right to, to win will be harder. But what we are attempting is instead of moving to a monthly SIP format, bringing in a daily SIP format and that can build a lot of engagement. It really, you know, improves, I would say, affordability people. When you put in saving 100 rupees every day and when you see it compound over five years, it can be a meaningful number.<\/p>\n

So I think that is the path of building the savings area. Of course it will take another two, three years to actually flesh that out fully. But that will build a trail that’s also building a recurring revenue stream. That’s largely the idea of<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

And a customer engagement. And on PB Connect, just to explain, we had two kinds of businesses. So PB Connect is basically just for everybody’s sake. It’s like the posp of home loans. And in that we have two kinds of businesses. One is more focused at retail agents, so very, very small, micro agents. And one is dealing with other agents who are large enough. So more like wholesale. We have decided to stop the wholesale business. And that is why. So it’s a. It’s a decision that we’ve taken because we don’t see any strategic value of that business.<\/p>\n

And because we decided to stop that, you have seen a decline in the revenue. It has no impact on the overall profits. Like maybe we were losing 0.5 crores a month or something. So that 0.5 crore loss is gone.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Got it. Thanks everyone and all the best.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you. Thank you, Deepanjan. We will now take next question from the line of Supratheep Dutta. Suprathee, please unmute your mic.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, thanks everyone for the opportunity. I’ll start off on the policy bazaar side. So, you know, you have indicated that the fresh business growth has continued to remain very strong, driven by protection. Just wanted to understand, you know, how are the customers that you are getting post September different to the ones before that? Is there a ticket size different? Is there a product, you know, the kind of policies that they’re taking? Is there a difference there? Just because, you know, that would be very important in extending this growth.<\/p>\n

So that’s the first bit. The second bit is on the, you know, the change, you know, how you’re trying to expand the Paisa Bazaar platform. Wanted to understand one on the mutual fund side, would these be direct mutual funds that you’re doing or would these be, you know, the regular mutual funds? And then it seems like you’re going towards a more of a distribution of wealth management kind of a setup with bonds and mutual funds. So wanted to understand that maybe five years out or seven years out, is that the ultimate aspiration that you want to be a kind of a wealth management platform for retail mass affluent customers.<\/p>\n

That’s the second bit. And lastly on you know, the POSP platform you have indicated that you are going for, you know, more granular, smaller agents. Wanted to understand currently what is the proportion of these smaller agents, you know, be it in form of number of agents or contribution to premiums and you know, what was it, you know, maybe one year back or you know, two years back. So you know, just some color, you know, how is that actually playing out? So those are my three questions.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Do you want to just explain the customers before September, post September maybe? POSP story<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

So prim, as you can imagine the customers are roughly the same. But what has changed is the fact that one, there was a lot of exposure to people about term insurance and health insurance because there was a lot of discussion during the GST time. However, what has happened post GST is that in health insurance for instance, people are buying higher, some insured than they were buying earlier. So if you look at the proportion of policies below 10 lakhs and greater than 10 lakhs now vast majority of policies are being bought which are 10 lakhs and above in terms of some insured.<\/p>\n

So that has pushed up the ticket size somewhat and that is helping. There have also been a launch of couple of insurers have launched unlimited. Some insured products which are towards their pricing is around 25 lakh, some insured type range. So those also have helped because now people are attracted by the fact that they can have unlimited sum insured. So I think that is what has changed to some extent on the health side. On the term side the change has been again because the customer is seeing a 18% reduction because the prices have not changed on both health and term insurance.<\/p>\n

And what that has led to is that people are buying there. The sum assured hasn’t gone up by that much because people tend to think in bigger buckets like you think of 1 crore then 2 crores etc. But people have been buying a little bit more of the riders. So you know things like a critical illness rider that the attachment of that has gone up. Some of the accidental protection riders, their attachment has gone up. So I think that has changed, you know, post September. But both of these changes are dwarfed by a different change which is the fact that our conversion rate has gone up.<\/p>\n

So for the people who are coming, more of them are buying because I guess they are a little bit more aware about the value of insurance.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

On the POSP before we move on has this data we just looked at yesterday, 99.5% of the agents make less than about whatever they are below. Well, they are, they are less. They make less than 20 lakh revenue in a year from US. Only 350 agents or so make more than that. In terms of premium, 83% of the premium comes from the small agents. Now if you look at the same number a year ago, that would have been close to 50, 50 in terms of premium. So I think our growth is despite the fact that we’re cutting out a lot of the other part and it’s actually reducing year on year.<\/p>\n

But it’s gone from about 50, 50 to about 80 to 80 in terms of premium.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. In terms of regions,<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

99.99 some percent. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Audit. And on the Paisa Bazaar.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Yeah. So on the Pesa Bazaar side, basically at this stage, look, we are a, we’re a lending company. Lending has certain advantages but it does not have engagement with the customer as much. And the renewal stream becomes, it’s also a little, you know, every time there is a downward trend. So one of the things we’ve done is because every time the downward trend used to get hurt, we have improved the quality of partners that we are operating with. See what we noticed over time was the larger banks, the larger institutions, even in down times support their partners.<\/p>\n

And maybe our efforts in that direction was lower in the past we have put in additional efforts in that direction. So we got more of those partners. Our end to end journeys have increased. See in downtimes, people and quality is something that we really focused on. So lending is going to keep doing well. I think you will see a very good year from Pesa Bazaar in terms of the long term at this point it’s not very crystallized. But yes, you are right. We are going to do pretty much everything that anybody does to take care of our customer base and engage with them in more and more products and create more and more opportunities for them to visit us.<\/p>\n

So there are various things we’re doing. We’re doing points, we’re doing tokens, we’re doing. We will do mutual funds, we will do bonds and we will find our own space like we’ve done in everything else. Yeah, we were never the market leader when we started anything. We’ll find our own space.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. And you know, one last data keeping question. Can you split that 67% protection growth into how much is term and how much is health?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Maybe a little, little more in health than in term?<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

Yeah, just<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

A little extras or maybe<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

Both are very close. Very<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Close. But Yeah, maybe, maybe 35, 32 if you want to have a number. Maybe something around that<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

67<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Growth. Oh, that way. Oh, sorry, I thought. No, health is. Health is ahead. Health is ahead. We just want to stop there. We don’t want to give out our exact health growth. It’s quite high. It’s interesting.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thank you.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you. Supratim. We will now take next question from the line of Neeraj Toshniwal from ups. Neeraj. Neeraj, please unmute your mic.<\/p>\n

Neeraj Toshniwal<\/strong><\/p>\n

Yeah. Hi everyone. So first question is on. On. I think Ashish mentioned that there have been possible scenario of different in the life insurance in terms of, you know, commission. So just wanted to understand in such scenario, uh, what will the impact of different revenue recognition and, and the cost which we incur, how would that change?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

So Neeraj, first of all, I don’t want to speculate on any scenario. This is just what we hear in the market. It might happen, it might not happen. All I’m saying is for us, we find we’ve been asking the industry for this for the last 10 years, that we would like to get paid on a deferred basis. We. We’re the ones who’ve been going and asking for it. So all I. And I don’t want to kind of add fuel to this fire by kind of saying policy Bazaar has this view. Policy Bazaar has that view. We’ll just chill there.<\/p>\n

Yeah. That’s all, I think. I don’t want to answer specific questions on what we will do with this deferral and all that stuff.<\/p>\n

Neeraj Toshniwal<\/strong><\/p>\n

Got it. And second is on pairs.<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

Sorry, I just want to, I just want to explain because, you know, this is a very emotive topic and I think what Yashish is trying to say is that if you look at it on a persistency adjusted basis, right. We. We are there. It’s not that what we get paid as would have a major impact if you were to defer it because of the persistency that our portfolio has. Having said that, we are not necessarily, you know, we are okay both ways and whichever way in the wisdom, whatever way is there, we will cope with it.<\/p>\n

But I think the point that he’s trying to make is that because we have the persistency, there is no. It doesn’t really affect us that much because of that. But overall we are very happy with the current system. And I would just want to say one more thing, that life insurance contracts are 30, 40 years, especially in the case of term insurance. So the way to think about it is not. The first year commission should not be seen as divided by the first year premium. You have to look at it on an NPV basis over the life of the product obviously persistency adjusted.<\/p>\n

So when you do that then you’ll actually find that especially in term insurance the commission is not as high as people think it is. Solution is<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Less than 5% here.<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

So that’s kind of where we are and I think that’s what we are trying to say. I don’t think we necessarily want to advocate one direction or the other. Yeah,<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

We are certainly not participant in this debate of whether it should be deferred or not deferred. And<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Also, you know, see basically there’s a P part and there’s a cash flow part. Now if you just look at the ND accounting on P actually there should not be any impact whatever happens Cat, there may be a small impact but we’ll see when the rules have been come out and what sort of rules.<\/p>\n

Neeraj Toshniwal<\/strong><\/p>\n

Definitely very, very helpful on this. The second is on PESA as you mentioned that there’s spot of growth which you’re expecting. Are we also deploying more resources and that could lead to somewhat of higher expenses as well or are the cost base totally intact and only we can get this operating leverage from here? How should one think about it?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

I think I’ll let Santosh answer it. I know the answer, but yeah,<\/p>\n

Santosh Agarwal<\/strong><\/p>\n

I think we’ll see a lot of operating leverage. I think this year I think the costs have stabilized and I think the absorption of that will be much better. See as we improve scale and like Yish mentioned, a lot of supply work has happened. Our conversions are going up, people are seeing more offers that can translate into actual dispersals. So those rates have significantly improved and hence the scale will improve with that. You know, I think from a cost perspective we should be roughly similar this year.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

See on pesa, I would just say, and Santosh probably didn’t say it because she’s, she’s too nice compared to last year in terms of quality of business productivity of employees, we are supremely high right now for the same inquiry. How much are we getting out? We are supremely high. I think we are at a point where we are not expanding employees for some time and we think there is some leverage left for us to get. Maybe about 30% or so is something that we can get with the current employee base. But I’ll just share one thing with you.<\/p>\n

Like last year, if we looked at when Santosh took over the CEO position, if we looked at how Many of our employees were making incentives. It was very, very few because they were not operating at a very high quality. But today if we look at that, that number is a lot higher and incentives is a higher percentage of their compensation because that’s the way you can see if a sales team is driven or not. Incentives is a much higher percentage of their composite. I’m just, you know they’re almost unbelievable because it has almost come to policy bazaar levels in, in that respect that you know, what percentage of your total compensation is variable.<\/p>\n

And I think I’ll stop there. I’ll let time, you know, reward Santosh rather than kind of me doing it in advance of time.<\/p>\n

Neeraj Toshniwal<\/strong><\/p>\n

That is helpful. The last bit on, on this is secured disbursements have meaningfully dropped. Change of strategy or the take rates are not favorable. So we are kind of, you know, pushing back on this.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

No, they have only dropped in one area which was wholesale POSP distribution which we were doing for one supplier. Look, it was not making strategic sense. We’ve decided not to continue that business. We stopped it in January. It takes 15 days to stop the business after that. We are not doing that business. It was a meaningful part of this, of the home loans, part of the PESA revenue. That’s fine. It was kind of fluffy revenue in the sense it didn’t really have profits. It would never make massive profits.<\/p>\n

It was. Yeah. So wholesale POSP is what we stopped.<\/p>\n

Neeraj Toshniwal<\/strong><\/p>\n

Sure. Okay, thank you. Thank you team.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Everything else is up.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you Neeraj. Next question is from the line of Manas Agrawal from Bernstein. Manas, please unmute your mic.<\/p>\n

Manas Agrawal<\/strong><\/p>\n

Thanks for the opportunity. Great momentum on operationally, everything. Couple of strategic questions. I think we have discussed take rate extensively. The other thing that comes up in investor conversations is capital allocation. So are we in a position that we want to comment on use of money that is lying on the balance sheet and the accruals that we are expecting. The other is on PB Health. Can you give an update on what operationally is happening on the ground? Because I may be wrong on this but I thought the investment last year was going to be a one time investment.<\/p>\n

So if we are looking at a follow on round as well would be good to know what is actually happening on the ground on that business. That’s it.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

So there are, there are multiple layers to PV Health. But let’s go with the hospital part. We’ve acquired one hospital which is an operating hospital. Makes about 2030 crores of profit in a year. Does about 150 crores of revenue. So that’s, that’s operational and running in Noida. Our next hospital is to go live in the next few weeks. In fact next week is the, the sort of starting of it by the, by this month end it should be operational. That’s in, in, what do you call that? Gurgaon. Central Gurgaon.<\/p>\n

Uh, we are uh, getting into another hospital in Gurgaon. There’s another one we’re looking in Delhi and we’ve also started looking outside of Delhi. So that’s the hospitals part. On the second hand there is something called PV Care plus, which is a network of basically our customers go to all hospitals. Today we are creating a preferred network for our customers and that preferred network is about 500 hospitals strong. So for example, if you had cataract today across the country, if you were our customer, we would direct you towards Agarwal Icare because that is part of the pv, you know, Care plus network.<\/p>\n

So that’s happening now. What you will see over time emerging from these two, so one you see is an absolute operation. Less of course operations is involved, but it’s the, the entire hospital and the healthcare is somebody else’s responsibility. We are only coordinating between our customer and the healthcare. And the second is full blown hospital development. And this is where you’re seeing two parts now. These will start to come together over the next one year where you will see O and m operations.<\/p>\n

So office 500, 600 hospital network. We will take on some of them and start operating them under the PB Health brand. I’ll stop there. As I said, PB Health has no immediate requirement of cash. They have not even used 30% of the cash they had. But they are in conversations to raise capital. They are in late stage conversations. And should they come to PB FinTech, PB FinTech will consider it, we will think about it. But it has not come to PB FinTech yet. And it may, it may not. But PB FinTech has the right to invest up to its pro data, which it can decide.<\/p>\n

It can decide not to. It can decide to do it. It doesn’t have the right to invest more than pro rata.<\/p>\n

Manas Agrawal<\/strong><\/p>\n

Understood. Anything on capital allocation, balance sheet cash. I’ll explain,<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

I’ll explain over the last three months because see, you’re asking in a way, I, I’ve already said we’ve not had any discussion at the board level. So you’re anyway asking, okay, what’s in your head? So in our head at least once we’ve had a conversation about buybacks and Dividends. That’s it. I can just say that that’s a dividend. That’s a conversation. It’s not even gone to the board. It’s not even been discussed properly at the management level. We don’t know what we will do here. We don’t know right now.<\/p>\n

But right now we don’t really have a plan on what to do with the capital.<\/p>\n

Manas Agrawal<\/strong><\/p>\n

Got it. Thank you.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you, Manus. Next question is from the line of Nishtin Chowte from Kutak. Please unmute your mic.<\/p>\n

Nishin Chawate<\/strong><\/p>\n

Yeah, hi.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Hi.<\/p>\n

Nishin Chawate<\/strong><\/p>\n

Yeah, I hope I’m audible now. Yeah, yeah, just, you know, two questions. One is, you know, can you give some update on what happened and how did the UAE business fare this quarter? And is there a particular outlook, you know, on this business, you know, in the. No, no, absolutely.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Absolutely. I’m. I’m amazed by those guys. I’ll tell you why. In fact, I would have spoken about them in the beginning of the thing, as I usually do, about something amazing out there. Because if you really think about the bombing started kind of on 29th of February, 28th of February. I don’t know if 29th was even there this month, this year, but it started at some point in March, should have been a washout month for them. Then about five days in AWS got knocked out and we were on AWS. So just imagine the scenario, 10 days, we had the ability to do zero bookings.<\/p>\n

Our entire system is down. And I go there for the review like I usually do at the end of the month, and I. I’m trying to be encouraging about everything, and they review the thing and they say, we are 3% year on, year up. I’m saying, what the hell are you talking? How is that possible? Right? And I was thinking that the competitor would have taken everything from them because the competitor was not on AWS and the competitor is not as much up. So, boss, all I’m saying is, thankfully, and I was explaining to the board also yesterday, that while they’re a public company and everything, we somehow are very, very driven and we have deep ownership in the company.<\/p>\n

Not in terms of stocks, but just in terms of deep ownership of the processes. And I just feel super proud about the situation. And so I think they are in bad times. Will perform okay. In great times. We’ll. We’ll really shine. That’s all I can say. Like, you can’t get worse than this, right? Your entire network is gone. You’ll be bombed, and you still grow 3% year on year. I’ll stop There,<\/p>\n

Nishin Chawate<\/strong><\/p>\n

Got it, got it. Great. The other one<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

For the quarter, they are actually 10 or 12 up. Obviously. Jan, Feb, they were growing. Beautiful.<\/p>\n

Nishin Chawate<\/strong><\/p>\n

Okay, got it. You know, on the, on, on term and health, you know, we have seen a beautiful JJ curve post GST cuts. So, and, and if, if I look at the savings business, it’s I think at an industry level,<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

You know, in, in health for the last 13 quarters we have grown at 60% last year.<\/p>\n

Nishin Chawate<\/strong><\/p>\n

Tom has definitely been there. Right, okay. 60%,<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

16% growth over four years. We do realize what that does here in terms of multiplications. But you know, GST becomes the, the Jacob. But yes, term, term, I agree, but you know, term is not gst. It’s actually our guy here. We got a very special guy who started to really make changes. You know, I said he’s the, he’s the, he’s the higher of the year for us. But sorry, I’m taking your thunder.<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

There’s no thunder player. Sorry, go ahead. Yeah, so the question,<\/p>\n

Nishin Chawate<\/strong><\/p>\n

So the question was actually on savings business. You know, know what? You know, when do you see, so when do you see the similar J curve in savings business? And, and I think, I think more from a broader industry point of view as well, right? I mean the life industry, new business premiums have sort of stagnated at low double digit levels. So you know, what can the industry do or distributors do or what can the government do to nudge both the parties to kind of have a similar J curve in the savings business?<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

I think n, I, I mean avoiding the use of the term. Jacob, I would say that savings for insurance we have to figure out what is the customer proposition because see total amount of savings, we can see the growth in sip, we can see the growth in, you know, mutual funds, etc. Bonds, everything. So it’s not that the total amount of savings in the country is a challenge. I think this savings coming to insurance is definitely, to some extent you can argue is a challenge. And I think the main thing is the customer proposition.<\/p>\n

And one of the things that we have always tried to do is to start from the customer rather than starting from what we want to sell. So many years ago when Santosh was leading the business, she introduced the concept of a capital guarantee where we said that your premium will be guaranteed, you will ensure that we get your premium back and then you have upside in terms of the market. That was a innovation that did well. Now we are trying to go to the next level where we are saying that the reason you should invest in a ULIP is that you at least have to be in the product for five years.<\/p>\n

That’s the, you know, the base term of the product. Obviously you can stay 10, 15, 20 years. And we are saying that the reason is that you tie a goal to the investment. It’s not about, it’s not a frivolous thing that, okay, let me put some money into the market and see whether because there’s a war going on or whatever. It’s a goal that you have. One goal could be child education, could be buying a house, could be, you know, your retirement. So these goals are serious goals for which you have to remain in the invested.<\/p>\n

That’s what a ULIP really does well. Second, ulips have a feature which is called waiver of premium, which means that should something happen to you, the insurance company will continue to pay your premiums. Also pay out the summer short, give a monthly income to your family. Here you have not just planned for the goal, but you have protected the goal. And the third thing Is that still Ulips enjoy a tax advantage up to 2 and a half lakhs. So they are actually right now the best investment. And within that two and a half lakhs tax advantage, you also have the ability to switch from equity to debt.<\/p>\n

So it’s the only debt product available in the country without having to pay tax on it. So there are three very big advantages of ulips. I think we are going to put promote this more and more. This is something that we have been doing even earlier. But we are going to promote these things more and we believe that this will attract customers for the right reasons. See, many times we forget that despite all the discussion about SIPs and mutual funds, after five years the number of active SIPs is in.<\/p>\n

You know, the estimates vary from 3% to 11% or something. So we are still after five years in our ULIP, the persistency is somewhere in the 70 to 75% range. So the customer that we are getting is a good customer. I think we just need to talk more about the advantages. And it’s not for me to say what the industry should do or not do, but I do believe that all of us have to start from the customer and offer a proposition which is good for the customer.<\/p>\n

Nishin Chawate<\/strong><\/p>\n

But do you think<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Waiver of premium is a great proposition?<\/p>\n

Nishin Chawate<\/strong><\/p>\n

But do you think a meaningful change in commission, origination expenses, operating expenses, you know, EOM can kind of make the proposition much more attractive? I mean, is that something that can trigger customers to, you know, buy more of savings products?<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

See Nishin, our take rate on the ULIP side are probably the lowest take rates probably of the entire business that we do. Right. Because as you can imagine when you sell low cost ulip, that too with, you know, waiver of premium type of feature, there’s not much that is left. Right. We are giving actually everything to the customer. So the products that we sell, I don’t think there is any, you know, story around commission in that because we don’t take much commission. The story for commissions is in other types of products that the industry sells and in those products.<\/p>\n

Yes, the commission again because it’s the first year commission can appear very high and things, you know, the<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Customer has no clue about that commission. And quite honestly, without distribution that industry would not be there or with lower benefits. Assuming Nishin, quite bluntly, in some product there is high commission and you say okay, equate it to what Policy Bazaar gets. So suppose the entire industry’s commission structure became for savings business, the same as what Policy Bazaar makes on the savings business. I think it would pretty much stop. It’ll probably be 2% of the industry left besides policy reserve.<\/p>\n

But know why should I make those statements, right? I think everybody who’s smart can see those statements eventually. And I, that’s why I, when earlier, you know, Danjan was asking that question. I did not want to answer it because it’s a speculative question which would never happen. Right. If it happens, it’s. It’s industry destruction, not industry expansion, in my opinion.<\/p>\n

Nishin Chawate<\/strong><\/p>\n

That’s. That, that’s fair. Great. Thank you very much. This<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Not, this is not a mutual fund product. It’s not something that the customer is saying, I really want to buy this. I really want to invest in this. And that’s why I’m saying Santosh started this business from scratch. Took it up to when we were doing 5000 crores of this kind of business. Imagine what she will do when she actually gets the mutual fund product because she wanted to always sell mutual funds and she’s finally there. So all I’m saying is that is a much easier, much more attractive product.<\/p>\n

And as you know, if you take, take it on an AUM basis, eventually we make less than that also. Yes. So you know, there’s. There’s lots of existential questions around that part of the story.<\/p>\n

Nishin Chawate<\/strong><\/p>\n

Got it, Got it. Thank you very much and all the best.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you. Nishin. Next question is from the line of praise Jen from Motilal Prayesh. Please unmute your m.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah, hi. Just my question is again on the Health insurance bit and a phenomenal growth journey growing for so many quarter at 60% plus post GST. Obviously we’ve seen some tailwinds coming in, more tailwinds coming in. Just wanted to understand more color of it, you know, apart from new customers coming in and some assured increases that have happened is long term policy also has picked up momentum because we keep hearing about, you know, people kind of marketing about, about, about a price hike that could come through and lock in of a price and probably a long term policy and that is kind of also coming into your premium and driving the growth.<\/p>\n

And related to that, you know, obviously we have seen a phenomenal growth in this year and in the second half of this year. Now do you think that a 30% growth on that high base is still achievable or what are your thoughts there?<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

So I’ll just explain the question that you asked in terms of the long term policies. For us, long term policy proportion of our premium has remained very stable between last year and this year. What has changed however is that some of the people are buying four, five year policy. Traditionally in health insurance the highest term used to be three years. Now we have four and five year policy. So that proportion has increased. But the overall proportion of people buying long term policies or the premium, you know, in multi year policies has not changed very much, at least for us.<\/p>\n

And I think again I just want to, I think this question was asked on the last, last call also I just want to explain to you that there is no tricks in the business growth that we have achieved because it’s been going on for three years now. And again no one can say whether it will remain at this rate for next year or not. I mean, I don’t think that’s something we want to speculate about. I<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Think you can say, but<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

I don’t want to say it. I would say that the thing to focus on is the fundamentals that the fact that we have the segmentation of customers, we have the products for those appropriate products priced correctly. The fact that we have a trained, well trained sales team which has tools, you know, now increasingly using gen AI, etc. And then we have the service and claims experience. I cannot stress enough that the service and claims experience is the keys to a kingdom. Everybody buys insurance policy for that rainy day when something will happen.<\/p>\n

And I think when you show up on that day and they’re able to get the claim that changes the equation. And honestly the feedback that we are getting shows that we are making progress. Not just see one is A CSAT and all those kind of numbers. But the other is to see the anecdotal feedback. So to my mind those are the building blocks. And it’s not that we are selling more multi year this year versus last year, etc. Etc. None of that stuff is happening<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Now. A large number of customers who have not bought from us are coming to us saying please just help us at the point of claim because whoever sold it to us or whichever, so we are, that is becoming a massive usp. And I think Sarabir has been my senior and is very careful always. He’s, you know, learned what the right side. Right things to say. I’m, I’m okay to just say what I feel. Next year growth, no problem. We will beat last year. Okay. And the. So what we will do is in one year we will give the growth of what we promised in two years.<\/p>\n

We promised 30% growth in two years. We’ll give that growth in one year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Oh, amazing. Yeah. The other question was on a claims bit, you know, the physical support that you offer on, on claims with you know, people on the ground in hospitals helping, helping customers settle the claims. What is the kind of penetration that we have in the country today and how do you kind of see that increasing and the span increasing over the next few years?<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

Think if I’m right, we are at 248 cities and you know, I think there are two things that are going on. One is this 248 may go up little bit but that’s not really the story anymore. The story now is actually shifting towards this PB Care plus that Yashish mentioned where there is the preferred network and if you go to that network you will get preferential treatment. Right. So the cataract example that we discussed, the customer is because it’s a planned procedure, the customer is taken straight to their room.<\/p>\n

The procedure is done, you know, depending on how much time they have to stay, they then go home again. No billing desk, nothing. So what we are trying to do is to create this, you know, totally red carpet type of experience. There will be a PV person in that hospital, etc, so combination of technology and operations and I think, you know, the experience will be at next level. So that’s what we are really trying to do today. If you have the Policy Bazaar app, you can consult a doctor 24 7. So we have worked with all our insurance partners to offer this service to our customers.<\/p>\n

So you can consult a real doctor, you can call an ambulance. So I mean the whole story is changing from just Even physical presence in cities, to presence in hospitals and you know, giving just amazing experience to the, to the customer.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

And Praish, if you look at the data and I’ll just take one minute on this, there are basically two segments of, there are three segments of customers but on the corners there are two segments of customers. A very small percentage that are regular claimers and there’s a large percentage that never claims. I think as we look at the next five years or so, what we have to do is we have to give something back to the non claimers. Also, whether that comes in terms of maternity cover, whether that comes in terms of some gym access, some wellness benefits, etc.<\/p>\n

Somewhere we have to sweeten the deal, OPD benefits, we have to be able to sweeten the deal for them because right now they’re getting nothing, right? So young people, etc coming in are getting nothing. And as we talk about the people who are regular claimers, we have to bring them into participation. And please understand, you know, right now participation is hated as a word, but participation can be in terms of copay, can be in terms of limited networks, can be in terms of tiered networks, various things.<\/p>\n

But without this participation, please appreciate the cost is going to become, you know, we’re not doing this out of joy, we’re doing this out of necessity. The cost will become unsustainable for the, for the industry. So those are the two things that we have to work on. Make it better for the people who do not claim so that more and more of them come and get something out of it and make bring participation from the regular claimers because without that it won’t be sustainable. And the participation and they’re very few to work on.<\/p>\n

Sorry, any new question, any other question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Well, that, this last one bit on. So you know Yashish, you were rightly mentioning, right. The new initiatives have been existence for some years now and they’re no longer new initiatives and scaled up beautifully. So you know, if you start bucketing new initiatives like what we’ve spoken about in Pesa Bazaar, you know what would be those in terms of say five years out, do you think that these could be say about 10% of your revenues in like five years out?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Sorry, I, I missed that. Do you want to answer that? No,<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

It’s about the new initiatives. New new initiatives. How much?<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Yeah, I think, I think new, new initiatives will, will come. There are new things happening already. Whether we talk about embedded insurance, whether we talk about the savings business, whether we talk about home loans business. There are new things Happening constantly. PB Care plus, PB Wheels, PB Pay. So there’s new things happening. See, if you look at the new initiatives, where did the big revenue impact come from? It came from posp. POSP is like wildfire. You can expand that business very rapidly and doing it with the right quality is hard.<\/p>\n

And that is what our team has been doing for the last three years. They’re building it to the right quality. So I think that kind of growth coming from a single lever is not going to be that easy. But we’ll see. We always stay open all the time. There are three, four new things we are doing. The reason we are, we are still calling them new initiatives and not old. We don’t want to confuse the market by kind of just combining them and stopping, you know, disclosure around how much is what. That’s all, it’s just for disclosure purposes, nothing more than that.<\/p>\n

The growth rates are very similar. Now<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s super helpful, thank you.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you Prij. We will now take the last question from the line of Sanket Goda from Avendesk. Please unmute your mic.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Thanks. So, so my first question is on the contribution margins of the new initiatives. Coming down a bit<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Actually<\/p>\n

Sanketh Godha<\/strong><\/p>\n

For last eight<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Quarters it has been steadily improving. Means we see a dip in the current quarter. Anything audio is not very clear.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Okay. Is it better by any chance? It is<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Better, yes.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

So, so my first question was on, on, on the contribution margin of the new initiatives which is, which is seeing a bit of decline after eight consistent quarters of decline improvement. So anything to read there. 4.3 percentage seems to be lower compared to 5.7 what you reported last quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Which, what is this<\/p>\n

Sanketh Godha<\/strong><\/p>\n

New initiatives contribution margin? I’m saying.<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

No, it is, it is same. You know, there is, there is some small mix changes. Sometimes there is poor quarterly annual shifts. Please, in our numbers. Just look them, look at them on a 12 month rolling basis. Do not focus a huge amount on quarterly numbers because sometimes you get rewarded for some action or penalized for some action. In the last quarter that, that always happens.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

Actually I, since this may be one of the last questions, I do want to talk about the con how we are thinking about posps in general. See, PSP has been growing. Yes. You know, still growing faster than our core business. And we believe that there is right now is a very opportune moment for us to deepen our penetration in the country. And the reason for that is that we have now, you know, learned how to go to smaller cities. The model is kind of becoming better and better. So I think that you will find us being very aggressive this year on POSP because we see that opportunity is also a bit of an industry structure issue because some of the competitors, you know, a we are now much larger than the competition than we’ve ever been.<\/p>\n

And the number two thing is that there are some, you know, changes going on. Somebody is, you know, merging with somebody, somebody’s trying various other things. So we see a very big opportunity for us to really go hard on POSP this year. And so I would not get too worried or excited about contribution margin. I think we should see a meaningful improvement in growth in the next financial year. And that’s what I would, you know, look towards.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Understood. And the second question again maybe, maybe related to fourth quarter only that the PB corporate business grew 140 odd percentage which you highlighted in the slide. So anything to read there whether it is it’s a one off or you think that you are going to scale this business meaningfully faster and honestly on profitability you last time told that your UAE UAE is profitable. So how do you see PB corporate to play out from profitability? Point of<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

So I think the reason PVFP’s growth looks very high of course is the fact that we are still, you know, growing in that business. We are the fastest growing corporate broker but we are still small compared to where we want to be. We had a great Q4 on the corporate side. We won some very prestigious accounts which were with other brokers which we were able to win especially in the banking and financial space. So I think those accounts obviously then led to revenue, etc. And that’s why you’re seeing that very dramatic growth.<\/p>\n

But again, you know it’s 140% but we have a long way to go on corporate. I think corporate business will require investment still in the years ahead. And if you ask me honestly at this point we’re very happy to make that investment because every year we are building strength in that business not only just in employee benefits but now on the commercial side, the PNC side where historically we were not as strong. I think we are getting much, much stronger. So I think there is again a lot of reasons to invest in that business in the next few years.<\/p>\n

So<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Sanket, we’ve come from zero and we are now in the top eight brokers in the country. Obviously we don’t want to stay in top eight. We want to be very, very big. We will invest in this and what we are seeing is a very good team. We are barely hiring from Outside it’s mostly internally built and internally driven and we are building our own culture which is, you know, as most of you appreciate is quite strong. So I think, I think we feel very good about that business. And that business is not just a distribute.<\/p>\n

Again we are thinking of it the same way. It’s again lending us, leading us into healthcare, leading us into various places. So you know we’re very happy with the progress of that business. Yes, it does make a small amount of loss which is perfectly fine. I think the group can easily afford it for a few more years.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

But do you think this business to become very quickly profitable after your 2 scale? The kind of growth what you’re delivering right now means compared to aposp? Naturally<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Yes, this can be significantly more profitable than the POSP business. I have no doubt there. But as I said that’s not the immediate focus. The immediate focus. See across the board our immediate focus is growth and quality. I think there are three levers you can think of, right? Growth, quality, profits. Please read us. While a lot of questions come around profits, that has not been our focus. Our focus is the other two. And this leg will just follow along. And of course if you are doing growth and quality eventually profits can’t elude you forever.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Understood. And lastly lastly on, on the revenue side we know that in long term plans we recognize the revenue but naturally it is receivable. So just wanted to understand from the full year point of view around 6,800 crores of revenue what we have reported how much of the revenue we have recognized but yet to be received from the insurer. Just want to understand the portion of the revenue coming from there.<\/p>\n

Sarbvir Singh<\/strong><\/p>\n

I think Sankesh, it’s a complicated question. There is multi year policies, there are multi year, you know, monthly mode policies, etc. Mohit can help you on that. Directionally I think the point remains that it’s not a large portion of the story and you know it’s. It’s kind of growth is from last year to this year and there<\/p>\n

Yashish Dahiya<\/strong><\/p>\n

Was a cycle, there was a cycle which kind of started about October 24th. That cycle has run its course. So yes, you have the impact of one year but that should not keep playing out forever and it should start clearing out now as Sarveer said. Yeah, we can explain that in a more closed setting.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Understood. That’s it for my side. Thank you very much.<\/p>\n

Mohit Khopragade<\/strong><\/p>\n

Thank you. Thank you Sanket. Thank you Yashish and the other management. With this we now close the call and for if you have any further queries, you may please reach out to industry relations. Thank you so much.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. PB Fintech Ltd (NSE: POLICYBZR) Q4 2026 Earnings Call dated May. 06, 2026 Corporate Participants: Mohit Khopragade \u2014 Investor Relations Yashish Dahiya \u2014 Chairman and Chief Executive Officer Sarbvir Singh \u2014 Director and Joint Group […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,11653,10089],"class_list":["post-182437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-policybzr","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182437,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":144937,"url":"https:\/\/alphastreet.com\/india\/kuantum-papers-ltd-kuantum-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":182437,"position":1},"title":"Kuantum Papers Ltd (KUANTUM) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 4, 2023","format":false,"excerpt":"Kuantum Papers Ltd (NSE:KUANTUM) Q4 FY23 Earnings Concall dated May. 03, 2023. Corporate Participants: Anuj Sonpal\u00a0--\u00a0Investor Relations Sushil Khetan\u00a0--\u00a0Chief Executive Officer Roshan Garg\u00a0--\u00a0Chief Financial Officer Analysts: Unidentified Participant\u00a0--\u00a0-- Analyst Prachi Sharma\u00a0--\u00a0Financial Strategist Imran Khan\u00a0--\u00a0Longbow India -- Analyst Presentation: Operator Ladies and gentlemen, good day and welcome to 4Q FY 2023\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":182437,"position":2},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. 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