PB Fintech’s net loss is reduced in the 3rd quarter, and is on track to be profitable this year
The parent company of Policybazaar and Paisabazaar, PB Fintech, reported a consolidated net loss of ₹87 Cr in Q3FY23 compared to a net loss of ₹298 Cr in Q3FY22. As a result, the company’s PAT loss has fallen by 71% YoY. PB Fintech declared that revenues from operations reached ₹610 Cr in the quarter ended December 2022 as compared to ₹367 Cr in the quarter ended December 2021, representing a growth of 66% YoY.
The parent company of Policybazaar and Paisabazaar, PB Fintech, reported a consolidated net loss of ₹87 Cr in Q3FY23 compared to a net loss of ₹298 Cr in Q3FY22. As a result, the company’s PAT loss has fallen by 71% YoY. PB Fintech declared that revenues from operations reached ₹610 Cr in the quarter ended December 2022 as compared to ₹367 Cr in the quarter ended December 2021, representing a growth of 66% YoY.
“Policybazaar and Paisabazaar, which are jointly classified as existing businesses, are India’s leading marketplaces for insurance and credit products. These contributed to almost all of our revenue up to FY21. In FY22, we expanded into new areas and geographies and collectively refer to them as new initiatives,” PB Fintech said in a stock exchange filing.
“Policybazaar and Paisabazaar, which are jointly classified as existing businesses, are India’s leading marketplaces for insurance and credit products. These contributed to almost all of our revenue up to FY21. In FY22, we expanded into new areas and geographies and collectively refer to them as new initiatives,” PB Fintech said in a stock exchange filing.
According to PB Fintech, turnover for the first nine months of the current financial year is 5.2% more than it was in the same time period 4 years ago. Turnover increased by 91% year-on-year, and the existing business has now been profitable for four consecutive quarters. Compared to the same periods last year, the company’s existing business adjusted EBITDA grew by ₹NOK 67 for the quarter and ₹164 Cr for the first nine months of the year. “We had said that our existing business EBITDA would grow by approximately 150Cr every year. 164Cr was delivered in the first 9 months of the year. We are confident of being adjusted EBITDA positive by Q4 this year and delivering the first full year of positive PAT in 2023-24,” PB Fintech said in a stock exchange filing.
According to PB Fintech, turnover for the first nine months of the current financial year is 5.2% more than it was in the same time period 4 years ago. Turnover increased by 91% year-on-year, and the existing business has now been profitable for four consecutive quarters. Compared to the same periods last year, the company’s existing business adjusted EBITDA grew by ₹NOK 67 for the quarter and ₹164 Cr for the first nine months of the year. “We had said that our existing business EBITDA would grow by approximately 150Cr every year. 164Cr was delivered in the first 9 months of the year. We are confident of being adjusted EBITDA positive by Q4 this year and delivering the first full year of positive PAT in 2023-24,” PB Fintech said in a stock exchange filing.
The company’s renewal and track revenue is up from the same quarter last year, when it was at ₹210 Cr, at an ARR of ₹NOK 315 This generates a significant part of the profit growth and often operates with margins of over 85%. While the company’s credit payouts grew by 57% year-on-year, insurance premiums increased by 70%, in total ₹NOK 3,028 According to PB Fintech, the premium per request has now been reached ₹1,563 for 9M FY23, which is the highest ever and it currently has an annual run rate of over ₹12,000 Cr insurance premium and 5.2 Lacs credit card issuance on annual basis.
The company’s renewal and track revenue is up from the same quarter last year, when it was at ₹210 Cr, at an ARR of ₹NOK 315 This generates a significant part of the profit growth and often operates with margins of over 85%. While the company’s credit payouts grew by 57% year-on-year, insurance premiums increased by 70%, in total ₹NOK 3,028 According to PB Fintech, the premium per request has now been reached ₹1,563 for 9M FY23, which is the highest ever and it currently has an annual run rate of over ₹12,000 Cr insurance premium and 5.2 Lacs credit card issuance on annual basis.
“We aim to protect every family in India from the financial consequences of death, illness and disability by having health and life insurance. We have expanded our TV campaigns in regional languages like Tamil, Telugu and Marathi. Scale is key for a marketplace: we have an annual insurance premium of over ₹12,000+ Cr growing at 70% annually,” said PB Fintech.
“We aim to protect every family in India from the financial consequences of death, illness and disability by having health and life insurance. We have expanded our TV campaigns in regional languages like Tamil, Telugu and Marathi. Scale is key for a marketplace: we have an annual insurance premium of over ₹12,000+ Cr growing at 70% annually,” said PB Fintech.
The shares of PB Fintech closed today at ₹524 apiece on BSE, up by 2.43% from the previous close ₹511.55.
The shares of PB Fintech closed today at ₹524 apiece on BSE, up by 2.43% from the previous close ₹511.55.
