PB Fintech, the parent company of Policybazaar and Paisabazaar, said on February 10 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.
Its revenue from operations was up 66 percent year on year at Rs 610 crore. The company said it remained confident of being Adjusted EBITDA positive by the fourth quarter of the current financial year and delivering the first full year of positive PAT in 2023-24.
Its insurance premium collection during the quarter under review was at Rs 3,082 crore, the highest for the year and up 70 percent from the year-ago period.
The company’s lending business saw healthy growth with credit disbursals recorded at Rs 3,021 crore, up around 57 percent YoY.
“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.
The core business adjusted EBITDA was at Rs 26 crore positive for the quarter, with credit business breaking even in December ahead of expectation of Q4FY23.
“This growth is driven by three things—growth of renewal income, growth of new business and higher efficiency in new business,” the firm said.
Existing business revenue grew 34 percent YoY to Rs 425 crore. Revenue from new initiatives was up 270 percent YoY at Rs 185 crore.
"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.
PB Fintech closed 1.3 percent up on the National Stock Exchange at Rs 517 apiece.