PB Fintech, the parent company of Policybazaar and Paisabazaar is expecting to report a profit in Q3 of financial year 2024 even as the company reported a loss of Rs 21 crore in the quarter ended September 2023.
“For me, the priority one is always core business growth and then Ebitda. I’m very happy with our Q2 performance…I’m extremely confident that this will be our last quarter of losses. Next quarter we will definitely have profits,” Said PB Fintech’s chairman and Chief Executive Officer Yashish Dahiya during the company’s earnings call held on November 6th.
PB Fintech reported a consolidated net loss of Rs 21 crore for the September quarter of the current fiscal, which was 89% lower than Rs 187 crore reported in the year-ago quarter, it said in its BSE Filings on November 4th.
However, Sequentially, the company's net loss widened by 75% from Rs 12 crore in the June quarter.
The revenue of Policybazaar and Paisabazaar, jointly classified as core online businesses, increased 46% to Rs 587 crore. It reported an overall operating revenue of Rs 812 crore, up 42% year-on-year.
“We are very pleased with our core online business growth, especially health and term business growth…Our total insurance premium for the quarter is reaching an ARR of about Rs 14,000 crore…Of our total online business credit continues to contribute about 25% of total revenues,” Dahiya said.
The company's consolidated adjusted EBITDA for its core business was Rs 68 crore, an increase of more than 400% year-on-year (YoY).
The new insurance premium of health and term plans grew at 53% year-on-year. PB Fintech’s total insurance premium for the quarter was Rs 3,475 crore with an ARR of Rs 14,000 crore.
The company's credit business under Paisabazaar had a loan disbursal of Rs 16,500 crore as of Q2 of FY24.
“Credit business continues to grow very well, it has been EBITDA positive since December 2022…About 39 million customers have accessed our credit score platform and more than 75 of our disbursals are from existing customers,” Dahiya said during the call.
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