MUMBAI: PB Fintech, the guardian firm of Policybazaar and Paisabazaar reported its first quarterly profit in the December quarter, becoming a member of the ranks of listed worthwhile friends like Nykaa and Zomato. The firm posted web income of Rs 37.2 crore on a consolidated foundation in Q3FY24. In the 12 months ago-quarter, the agency had recorded losses of Rs 87.6 crore.
Revenue from operations elevated to Rs 871 crore through the quarter from Rs 610 crore in the 12 months in the past interval, recording a year-on-year rise of almost 43%, helped by a sturdy progress in the insurance coverage enterprise. “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 corporate stated in its earnings presentation on Tuesday, including that constant efforts to enhance customer support and claims assist are paying off. Revenue from operations from its core on-line companies of Policybazaar and Paisabazaar touched Rs 593 crore in Q3, recording a y-o-y progress of 39%.
The firm stated that its credit score enterprise Paisabazaar continues to develop effectively and has been adjusted EBITDA optimistic since December 2022. “As digitisation expands across the industry, platform like ours would continue to benefit,” the agency stated. “We continue to strengthen our leadership in new initiatives while building further efficiencies,” the corporate added.
Shares of PB Fintech ended at Rs 911.60 apiece on the BSE on Tuesday, up 1.12%.
Revenue from operations elevated to Rs 871 crore through the quarter from Rs 610 crore in the 12 months in the past interval, recording a year-on-year rise of almost 43%, helped by a sturdy progress in the insurance coverage enterprise. “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 corporate stated in its earnings presentation on Tuesday, including that constant efforts to enhance customer support and claims assist are paying off. Revenue from operations from its core on-line companies of Policybazaar and Paisabazaar touched Rs 593 crore in Q3, recording a y-o-y progress of 39%.
The firm stated that its credit score enterprise Paisabazaar continues to develop effectively and has been adjusted EBITDA optimistic since December 2022. “As digitisation expands across the industry, platform like ours would continue to benefit,” the agency stated. “We continue to strengthen our leadership in new initiatives while building further efficiencies,” the corporate added.
Shares of PB Fintech ended at Rs 911.60 apiece on the BSE on Tuesday, up 1.12%.
