PB Fintech sees net loss drop to Rs 21.1 crore
PB Fintech, the parent of insurance platform Policybazaar and credit marketplace Paisabazaar, on Saturday reported that it has narrowed its quarterly losses by almost nine-fold from the year earlier to Rs 21.1 crore.
It reported a loss of Rs 186.6 crore for the quarter ended September 30 last year.
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This comes as PB Fintech had announced during its March-quarter results that it was looking to post a net profit in FY24.
Revenue from operations for the September quarter grew 41% to Rs 811.6 crore from the year ago period.
On a half yearly basis, operating revenue for the financial services group grew 37% to Rs 1,477.2 crore, and losses have narrowed by almost 12-fold in FY24 to Rs 33 crore, from the same period last year.
The company also stated that it has outperformed its earnings before interest, taxes, depreciation, and amortisation (EBITDA) guidance for the core business.
The group classifies marketplaces Policybazaar and Paisabazaar as its core online business.
“Our online marketplaces Policybazaar and Paisabazaar, which we refer to as core business, improved their adjusted EBITDA by Rs 66 crore year-on-year (YoY) for Q2 FY24. This number for the last six quarters has averaged at Rs 56.25 crore which translates to an annual gain of Rs 225 crore. We had six quarters ago guided this at Rs 150-200 crore a year,” the company said,
