PB Fintech reports ₹51 crore profit in Q2, overcoming previous losses

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PB Fintech, a parent entity that operates insurance aggregator Policybazaar and credit marketplace Paisabazaar, on Tuesday reported a consolidated net profit of ₹ 51 crore for the quarter ended September 30, 2024, as against a net loss of ₹ 20 crore in the same quarter last year.

The latest bottomline performance is also lower than the net profit of ₹60 crore recorded in June 2024 quarter.

Total income for the quarter under review stood at ₹1,273 crore, up 40 per cent over total income of ₹909 crore recorded in same quarter last year. Total consolidated income for the June 2024 quarter stood at ₹1,111 crore.

The latest September 2024 quarter is the fourth consecutive quarter in which the company has remained in the black and reported profits. 

In the March 2024 quarter, PB Fintech had reported a net profit of ₹60 crore. For the December 2023 quarter, PB Fintech reported a net profit of ₹37 crore. 

Led by growth in new health and life insurance business, PB Fintech’s total  insurance premium for the July-September quarter stood at ₹5,450 crore, up 57 per cent over ₹3,475 crore in same period last year, company’s filings with stock exchanges showed. 

“Our Credit business has been flat in terms of disbursal at ₹4,239 crore over last year same quarter. However revenue has declined 8 percent due to change in product mix between secured and unsecured credit. This business continues to be adjusted EBITDA positive since December 2022. Our total Credit Score consumer base now is about 47.7million”, PB Fintech said.

Policybazaar has a 93 per cent market share among online aggregators. To date, it has issued 46.8 million insurance policies. The total number of transacting consumers and 51 insurance partners stood at 17.4 million.