PB Fintechs Net Loss Narrows In Q3, Says On Track To Be Profitable This FY

“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 revenues until FY21. In FY22, we expanded into new areas and geographies and collectively refer to them as new initiatives," said PB Fintech in a stock exchange filing.

According to PB Fintech, revenue for the first nine months of the current financial year is 5.2% more than it was during the same time period 4 years ago. Revenue increased by 91% year on year, and its existing business has now been profitable for four consecutive quarters. In comparison to the same periods last year, the company's Existing Business adjusted EBITDA grew by ₹67 Cr for the quarter and ₹164 Cr for the first nine months of the year. “We had said our Existing Business EBITDA should grow by roughly 150Cr every passing year. 164 Cr was delivered in the first 9 months of the year. We stay confident of being Adjusted EBITDA positive by Q4 this year and delivering the first full year of positive PAT in 2023-24," said PB Fintech in a stock exchange filing.

The company's renewal and trail revenue is up from the same quarter last year, when it was at ₹210 Cr, to an ARR of ₹315 Cr. This generates a sizable portion of profit growth and often operates at margins of over 85%. While the company's credit disbursal grew by 57% YoY, its insurance premium increased by 70%, totaling ₹3,028 Cr. According to PB Fintech, its premium per enquiry has now reached ₹1,563 for 9M FY23, which is the highest ever, and it is currently at an annual run rate of exceeding ₹12,000Cr insurance premium & 5.2 Lacs credit card issuance on a yearly basis.

“We aim to protect every family in India against the financial impact of Death, disease & disability by having Health and Life insurance. We have extended our TV campaigns in regional languages like Tamil, Telugu and Marathi. Scale is key for a marketplace: we are at an annual run rate ^ of insurance premium of over ₹12,000+ Cr growing at 70% YoY," said PB Fintech.

The shares of PB Fintech closed today at ₹524 apiece on the BSE, up by 2.43% from the previous close of ₹511.55.