PB Fintech’s revenue grows 70% to Rs 679 crore; losses narrow to Rs 87.6 crore in December quarter
The company narrowed its losses by over 70% to Rs 87.6 crore in the quarter ended December 31, 2022 compared to Rs 298 crore in the same period last year. The group, which operates insurance aggregator Policybazaar and credit marketplace Paisabazaar, has also more than halved losses on a sequential basis. It reported losses of Rs 186.6 crore for the quarter ended September 30, 2022.
Insurance premiums for the group grew 70% on a yearly basis to Rs 3,028 crore in the December-quarter. Credit disbursals were also up 57% year on year to Rs 3,021 crore while operating income came in at Rs 610 crore.
As part of regulatory filings to the BSE, PB Fintech said that it is looking to deliver a full year positive PAT (profit-after tax) in the next fiscal year. “We stay confident of being Adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) positive by Q4 this year and delivering the first full year of positive PAT in 2023-24,” the company said.
In an interaction with ET last year, PB Fiintech executive chairman and chief executive (CEO) Yashish Dahiya had said that the company was set to record net profit in FY24.
“We will be profitable next year at a profit after tax level – FY24,” Dahiya said. “In the last quarter of this year, we will be positive as a group, at an adjusted Ebitda level. Our core businesses have now been profitable for three quarters running.”
Discover the stories of your interest
Dahiya also said the company’s revenue will increase by about five times this fiscal year to around Rs 2,000-2,400 crore, higher than the industry growth rate, and it is estimated to record a profit of around Rs 1,000 crore by FY27 and still grow its bottom line by 60-70%.For the nine-month period ending December 2022, consolidated revenue stood at Rs 1,865.5 crore, while losses shrank to Rs 478.59 crore.
The company said that as of December 2022 it was enabling roughly Rs 12,700 crore of loan disbursals and facilitating 5.2 lakh credit card issuances on an annualised basis. The company also added that its credit business has broken even in December 2022.
“We are now at an annual run rate of above Rs 12,000 crore insurance premium and disbursal,” the company said about its insurtech platform.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.