visimoney
TLDR:
- PB Fintech, the parent company of insurance aggregator Policybazaar, has reported a net profit of ₹37.2 crore for Q3 2023, compared to a net loss of ₹87.6 crore in the same quarter last year.
- The company’s revenue increased by 42.7% to ₹870.9 crore, with revenue from Policybazaar and Paisabazaar rising by 39% to ₹593 crore.
- PB Fintech has achieved a year-on-year improvement of ₹50 crore in adjusted EBITDA for Q3 of FY24.
PB Fintech, the parent company of insurance aggregator Policybazaar, has turned profitable in Q3 2023, recording a net profit of ₹37.2 crore. This marks a significant milestone for the company, considering it faced a net loss of ₹87.6 crore in the same quarter last year. The company’s revenue also saw a substantial increase of 42.7%, reaching ₹870.9 crore. Revenue from its core online marketplaces, Policybazaar and Paisabazaar, experienced a 39% surge, amounting to ₹593 crore. PB Fintech has also achieved a year-on-year improvement of ₹50 crore in adjusted EBITDA for Q3 of FY24.
The company’s strong financial performance can be attributed to its consistent quarterly growth over the past six quarters. This growth aligns with its annual guidance of incremental ₹200 crore adjusted EBITDA. PB Fintech’s profitability and revenue growth indicate the success of its online marketplaces, Policybazaar and Paisabazaar, in the insurance and financial sectors.
During an exclusive conversation with BTTV, PB Fintech’s management discussed its Q3 results and growth guidance. The company’s improved financial position has opened up opportunities for business expansion. The success of Policybazaar and Paisabazaar has positioned PB Fintech as a major player in the insurance aggregation industry, and it is likely to explore new markets and innovate its offerings further.
Disclaimer: This summary is provided by the AI language model GPT-3. It is not a news article or a press release. There may be inaccuracies or errors, and it is not intended to provide financial advice.
