PB Fintech, the parent company of the insurance aggregator Policybazaar, has reported a substantial decrease in its net loss by over 89% year-on-year to Rs 21 crore for the quarter ending September 2023.
The loss has notably narrowed from Rs 187 crore year-on-year but widened from Rs 12 crore since the first quarter.
The company's revenue climbed by 42% to Rs 812 crore in Q2 FY24, a significant increase from Rs 573 crore in the same quarter last year, driven by a 46% revenue jump in its core businesses, Policybazaar and PaisaBazaar, which contributed Rs 597 crore.
The insurance premiums processed through Policybazaar amounted to Rs 3,475 crore, while Paisabazaar's credit business disbursed loans worth Rs 4,139 crore.
Despite the positive revenue stream, PB Fintech's expenses continued to rise, reaching Rs 910 crore in Q2 FY24, an 11% increase from the previous year. Employee benefits and advertising expenses were the major contributors to the total expenditure.
The company sustained its adjusted EBITDA positivity for the third quarter, recording Rs 13 crore, markedly better than the Rs 53 crore loss in Q2 FY23, excluding ESOP costs.