PB Fintech the parent company of Policybazaar and Paisabazaar successfully narrowed down Q3 loss to Rs 87 crore pointing to profitability in FY24
- ByStartupStory | February 11, 2023
PB Fintech, the parent company of Policybazaar and Paisabazaar, said that its consolidated loss for the December quarter of the financial year 2022-23 narrowed to Rs 87 crore from Rs 298 crore in the same quarter of the previous year.
The Company said insurance premium increased 70% from a year earlier in the December quarter, while credit disbursals improved 57% year-on-year to Rs 3,021 crore. Revenue jumped 66%.
PB Fintech said in a stock exchange filing, referring to Policybazaar and Paisabazaar. “We stay confident of being adjusted EBITDA positive by Q4 this year and delivering the first full year of positive (profit after tax) in 2023-24.”
“Our Existing Business adjusted EBITDA increased by 67 Cr for the quarter and 164 Cr for the 9 months of the year as compared to the same periods last year. This growth is driven by three things – Growth of Renewal Income, Growth of New Business, and higher efficiency in New Business,” the company said.
“Digitisation is becoming significant in lending – currently led by credit cards where around 75 percent of cards issued in Q3 were end-to-end digital… As the lending moves to more E2E digital, a digital marketplace with an improving experience like ours would stand to benefit,” the company said.
PB Fintech closed 1.3 percent up on the National Stock Exchange at Rs 517 apiece.
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