MUMBAI: PB Fintech, the parent company of Policybazaar and Paisabazaar reported its first quarterly profit in the December quarter, joining the ranks of listed profitable peers like Nykaa and Zomato. The company posted net profits of Rs 37.2 crore on a consolidated basis in Q3FY24. In the year ago-quarter, the firm had recorded losses of Rs 87.6 crore.
Revenue from operations increased to Rs 871 crore during the quarter from Rs 610 crore in the year ago period, recording a year-on-year rise of nearly 43%, helped by a robust growth in the insurance business. “Scale is key for a marketplace. We sourced Rs 4,261 crore insurance premium in Q3FY24, marking a 41% growth y-o-y. New protection business (health and term insurance) grew 44% in Q3,” the company said in its earnings presentation on Tuesday, adding that consistent efforts to improve customer service and claims support are paying off. Revenue from operations from its core online businesses of Policybazaar and Paisabazaar touched Rs 593 crore in Q3, recording a y-o-y growth of 39%.
The company said that its credit business Paisabazaar continues to grow well and has been adjusted EBITDA positive since December 2022. “As digitisation expands across the industry, platform like ours would continue to benefit,” the firm said. “We continue to strengthen our leadership in new initiatives while building further efficiencies,” the company added.
Shares of PB Fintech ended at Rs 911.60 apiece on the BSE on Tuesday, up 1.12%.
Revenue from operations increased to Rs 871 crore during the quarter from Rs 610 crore in the year ago period, recording a year-on-year rise of nearly 43%, helped by a robust growth in the insurance business. “Scale is key for a marketplace. We sourced Rs 4,261 crore insurance premium in Q3FY24, marking a 41% growth y-o-y. New protection business (health and term insurance) grew 44% in Q3,” the company said in its earnings presentation on Tuesday, adding that consistent efforts to improve customer service and claims support are paying off. Revenue from operations from its core online businesses of Policybazaar and Paisabazaar touched Rs 593 crore in Q3, recording a y-o-y growth of 39%.
The company said that its credit business Paisabazaar continues to grow well and has been adjusted EBITDA positive since December 2022. “As digitisation expands across the industry, platform like ours would continue to benefit,” the firm said. “We continue to strengthen our leadership in new initiatives while building further efficiencies,” the company added.
Shares of PB Fintech ended at Rs 911.60 apiece on the BSE on Tuesday, up 1.12%.