PB Fintech, the parent company of insurtech platform Policybazaar, turned profitable in the December quarter (Q3) of the financial year 2023-24 (FY24). The company reported a profit after tax (PAT) of INR 37.2 Cr during the quarter under review, helped by a sharp growth in its insurance broking business and decline in costs.
The fintech major had reported a loss of INR 21.1 Cr in the preceding September quarter, while its loss stood at INR 87.6 Cr in Q3 FY23.
PB Fintech’s total operating revenue jumped 43% to INR 871 Cr in the reported quarter from INR 610 Cr in Q3 FY23. However, this was a marginal rise on a quarter-on-quarter (QoQ) basis from INR 812 Cr in Q2 FY24.
Revenue of its core online business, which includes Policybazaar and Paisabazaar, grew 39% year-on-year (YoY) to INR 593 Cr in Q3 FY24. This vertical’s contribution margin also improved to 44% in the quarter.
On the other hand, the revenue of the new initiatives business jumped 50% YoY to INR 278 Cr in the reported quarter. PB Fintech also said that its new initiatives vertical reached break-even on a contribution margin basis in Q3 FY24.
In the reported quarter, Policybazaar’s total insurance premium stood at INR 4,261Cr and its annual run rate (ARR) for insurance premium stood at INR 17,000 Cr.
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