PB Fintech, a parent entity which operates insurance aggregator Policybazaar and credit marketplace Paisabazaar, on Tuesday reported a consolidated net profit of ₹59.98 crore for the quarter ended June 30, 2024, as against a net loss of ₹11.90 crore in the same quarter last fiscal.
The latest June 2024 quarter is the third consecutive quarter when the company has remained in the black and reported profits. In the March 2024 quarter, it had reported a net profit of ₹60.19 crore, and inthe December 2023 quarter, ₹37.2 crore.
For the quarter under review, the company’s total income grew to ₹1,110.75 crore (₹756.75 crore). This included ‘other income’ of ₹100.26 crore (₹91.16 crore). Consolidated operating revenue grew 52 per cent at ₹1,010 crore.
Led by growth in new health and life insurance business, PB Fintech’s total insurance premium for the April-June quarter stood at ₹4,871 crore, 62 per cent growth on a YoY basis, the company’s filings with the stock exchanges showed.
Though credit business saw moderation in growth, it continues to be adjusted EBITDA positive since December 2022, it added.
“We are now at ₹3,100 crore in credit disbursal and more than 1.3 lakh in credit card issuance,” the company said in the filings.
Policybazaar has 93 per cent market share among online aggregators. It has issued 44.3 million insurance policies to date. The total transacting consumers stood at 17.4 million, along with 51 insurance partners.