PB Fintech, parent of Policybazaar and Paisabazaar, on Tuesday reported a consolidated net profit of ₹37 crore for the third quarter ended December 31, 2023 compared with net loss of ₹87 crore a year ago. The company had recorded a net loss of ₹20 crore in the September 2023 quarter.

Revenue from operations for the quarter under review increased 43 per cent to ₹871 crore.  Company said its cash position improved by ₹204 crore to ₹5,150 crore.

Revenue from its core online marketplace —Policybazaar and Paisabazaar— grew 39 per cent to ₹ 593 crore. Their Adjusted operating profit improved by ₹50 crore year-on-year.

“Our adjusted EBITDA for the last six quarters has improved by ₹50 crore each quarter, in line with annual guidance of incremental ₹200 crore adjusted EBITDA,” the company said in an exchange filing. 

Meanwhile, the Board of Directors of PB Fintech have approved the grant of unsecured loan of ₹200 crore to Policybazaar Insurance Brokers Private Ltd (Policybazaar), a wholly owned subsidiary of the company, in one or more tranches during the financial years 2023-24 and 2024-25.

The PB Fintech’s Board also approved the grant of unsecured loan of ₹50 crore to Paisabazaar Marketing and Consulting Private Ltd (Paisabazaar), a wholly owned subsidiary, in one or more tranches during 2023-24 and 2024-25.

Also an investment of upto ₹ 40 crore in the equity shares of Icall Support Services, a wholly owned subsidiary of PB Fintech, has been approved by PB Fintech’s Board. The investment will be made in one or more tranches in 2023-24 and 2024-25.

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