PB Fintech, the parent entity of insurance aggregator Policybazaar, clocked a net loss of ₹21 crore in the second quarter of fiscal year 2023-24 (Q2FY24), the company informed the exchanges on November 4. This is 89 percent lower as against a net loss of ₹187 crore reported in the year-ago period.
The company’s overall revenue from operations came in at ₹812 crore, growing by 42 percent year-on-year (YoY). The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin improved to 2 percent from -9 percent in the year-ago period.
The operational revenue from core online business increased by 46 percent YoY to ₹597 crore, a release noted.
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“Our health and term insurance business, which is a bulk of our long-term value, witnessed 53 percent YoY growth in new premium for Q2FY24, which is the highest in the last 7 quarters,” the company said, adding that its total insurance premium for the quarter was ₹3,475 crore.
PB Fintech also noted that its renewal or trail revenue is at an ARR (annual recurring revenue) of ₹436 crore, up from ₹294 crore reported in the same quarter of the previous fiscal year. “This typically operates at over 85 percent margins and is a significant source of profit growth,” it said.
The company further stated that its credit business has been “adjusted EBITDA positive” since December 2022. “We are now at the annualized run rate of ₹16.5k (16,500) crore disbursal and about 6 lakh credit card issuance on an annualised basis.”
In the last trading session on November 3, the Policybazaar parent’s scrip settled at ₹702.60 apiece on the BSE, up 0.4 percent as against the previous day’s close.
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Updated: 04 Nov 2023, 07:55 PM IST