Policybazaar parent PB Fintech turns profitable in Q3 with Rs 37 Cr PAT
Its operating revenue increased to Rs 870 crore between October and December 2023, up 42.6% from Rs 610 crore in Q3 FY23, according to the consolidated financial statements filed by the company.
PB Fintech, the parent company of the insurance platform, reported its first-ever quarterly after-tax profit of Rs 37 crore in the third quarter of the financial year 2024, from a Rs 87 crore loss in the corresponding period last year.
"Revenue of our core online marketplaces, Policybazaar and Paisabazaar, grew 39% to Rs 593 crore, while improving their adjusted EBITDA by Rs 50 crore YoY for Q3 FY24. Our Adjusted EBITDA for the last six quarters has improved by Rs 50 crore each quarter, in line with our annual guidance of incremental ~Rs 200 crore adjusted EBITDA," the company said in a statement.
PB Fintech's operating revenue rose 42.6% to Rs 870 crore between October and December 2023, up from Rs 610 crore in Q3 FY23, according to the consolidated financial statements filed by the company.
The company witnessed a 20% year-over-year increase in expenses, with total expenses for Q3 FY24 reaching Rs 925 crore compared to Rs 766 crore in the year-ago period.
Employee benefit expenses remained the largest share in expenses, growing by 11.5% to Rs 397 crore in Q3 FY24. In contrast, advertising and promotional expenses experienced a significant decline to Rs 214 crore in Q3 FY24, down 28.1% from Rs 298 crore in the year-ago period.
Notably, other expenses saw an almost 6X year-over-year spike, rising from Rs 61 crore in Q3 FY23 to Rs 256 crore in Q3 FY24.
Incorporated in 2008, PB Fintech, also known as PolicyBazaar, is a company that operates an online platform for insurance and lending products in India and internationally. It provides access to insurance, lending products, and support services through its online financial services platform.
Edited by Affirunisa Kankudti