Mumbai: Punjab fintechPolicyBazaar’s parent company and money market Recorded its first quarterly profit in the December quarter and joined the ranks of listed profitable competitors heroine And zomato, The company posted a net profit of Rs 37.2 crore on a consolidated basis in Q3FY24. The company had suffered a loss of Rs 87.6 crore in the same quarter a year ago.
Revenue from operations increased to Rs 871 crore during the quarter from Rs 610 crore in the year-ago period, registering a growth of nearly 43% year-on-year, helped by strong growth in the insurance business. “Scale is important for the market. We received insurance premium of Rs 4,261 crore in Q3FY24, showing a growth of 41% year-on-year. “New protection business (health and term insurance) grew 44% in the third quarter,” the company said in its earnings presentation on Tuesday, adding that consistent efforts to improve customer service and claims support are bearing fruit. Revenue from operations of its core online businesses of PolicyBazaar and Paisabazaar reached Rs 593 crore in the third quarter, registering a growth of 39% year-on-year.
The company said its credit business Paisabazaar is growing well and adjusted EBITDA is positive from December 2022. “As digitalization spreads across the industry, platforms like ours will continue to benefit,” the firm said. “We are continuing to strengthen our leadership in new initiatives as well as develop greater efficiencies,” the company said.
PB Fintech shares closed at Rs 911.60 BSE Up 1.12% on Tuesday.
Revenue from operations increased to Rs 871 crore during the quarter from Rs 610 crore in the year-ago period, registering a growth of nearly 43% year-on-year, helped by strong growth in the insurance business. “Scale is important for the market. We received insurance premium of Rs 4,261 crore in Q3FY24, showing a growth of 41% year-on-year. “New protection business (health and term insurance) grew 44% in the third quarter,” the company said in its earnings presentation on Tuesday, adding that consistent efforts to improve customer service and claims support are bearing fruit. Revenue from operations of its core online businesses of PolicyBazaar and Paisabazaar reached Rs 593 crore in the third quarter, registering a growth of 39% year-on-year.
The company said its credit business Paisabazaar is growing well and adjusted EBITDA is positive from December 2022. “As digitalization spreads across the industry, platforms like ours will continue to benefit,” the firm said. “We are continuing to strengthen our leadership in new initiatives as well as develop greater efficiencies,” the company said.
PB Fintech shares closed at Rs 911.60 BSE Up 1.12% on Tuesday.
