PB Fintech, parent company of Policybazaar and Paisabazaar, reports consolidated net loss As compared to a net loss of 87 cr in Q3FY23 298 crore in Q3FY22. As a result, the company’s PAT loss has come down by 71 per cent year-on-year. PB Fintech announces that its revenue from operations has reached 610 crore in the quarter ending December 2022 as compared to Rs. 367 crore in the quarter ending December 2021, which represents a growth of 66%.
“PolicyBazaar and Paisabazaar, jointly classified as existing businesses, are India’s leading marketplaces for insurance and credit products. They contributed to almost all of our revenue till FY2011. In FY22, we expanded into new sectors and geographies and collectively refer to them as New Initiatives,” PB Fintech said in a stock exchange filing.
According to PB Fintech, the revenue for the first nine months of the current financial year is up 5.2% over the same period 4 years ago. Revenue grew 91% year over year, and its existing business has now been profitable for four consecutive quarters. Compared to the same period last year, the company’s existing business adjusted EBITDA increased 67 crores for the quarter and 164 crores for the first nine months of the year. “We had said that our current business EBITDA should grow by around 150Cr every passing year. 164 crores were distributed in the first 9 months of the year. We are confident of delivering positive adjusted EBITDA by Q4 this year and first full year of positive PAT in 2023-24,” said PB Fintech in a stock exchange filing.
The company’s renewal and trail revenue is up from the same quarter last year, when it was 210 Cr for ARR 315 crores. It generates a large portion of profit growth and often operates at margins of over 85%. While the company’s credit disbursements increased by 57%, its insurance premiums increased by 70%, totaling 3,028 crores. According to PB Fintech, its premium per inquiry has now reached 1,563 for 9M FY23, the highest ever, and it currently exceeds the annual run rate 12,000Cr insurance premium and 5.2 lakh credit card issuance on an annual basis.
“We aim to protect every family in India from the financial impact of death, illness and disability through health and life insurance. We have expanded our TV campaigns to regional languages such as Tamil, Telugu and Marathi. IMPORTANT FOR: WE ARE AT INSURANCE PREMIUMS EXCEEDING THE ANNUAL RUN RATE^ 12,000+ Cr growing at 70% YoY,” said PB Fintech.
PB Fintech shares closed today 524 per share on BSE, up 2.43% from its previous close. 511.55.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,