It reported a loss of Rs 186.6 crore for the quarter ended September 30 last year.
However, on a sequential basis, the company’s losses grew 77% from Rs 11.9 crore, reported during the June 30 quarter.
This comes as PB Fintech had announced during its March-quarter results that it was looking to post a net profit in FY24.
Revenue from operations for the September quarter grew 41% to Rs 811.6 crore from the year ago period.
On a half yearly basis, operating revenue for the financial services group grew 37% to Rs 1,477.2 crore, and losses have narrowed by almost 12-fold in FY24 to Rs 33 crore, from the same period last year.
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The company also stated that it has outperformed its earnings before interest, taxes, depreciation, and amortisation (EBITDA) guidance for the core business. The group classifies marketplaces Policybazaar and Paisabazaar as its core online business.
“Our online marketplaces Policybazaar and Paisabazaar, which we refer to as core business, improved their adjusted EBITDA by Rs 66 crore year-on-year (YoY) for Q2 FY24. This number for the last six quarters has averaged at Rs 56.25 crore which translates to an annual gain of Rs 225 crore. We had six quarters ago guided this at Rs 150-200 crore a year,” the company said, commenting about the results.
Further, as a part of the results, PB Fintech also stated that its health and term insurance businesses witnessed a 53% YoY growth in new premium for the second quarter– its highest in the last seven quarters.
Total insurance premium for the quarter was Rs 3,475 crore, for the PB Fintech group.
Further, narrowing losses for PB Fintech, can also be attributed towards the increase witnessed in its trail income.
“Our renewal or trail revenue is at an ARR (average revenue runrate) of Rs 436 crore, up from Rs 294 crore last year same quarter. This typically operates at over 85% margins and is a significant source of profit growth,” said the company.
PB Fintech said its lending arm, Paisabazaar, was enabling an annualised loan disbursal run rate of ₹16,500 crore and assisting in issuance of about 600,000 credit cards annually, at the end of September quarter.
It was enabling disbursals of Rs 16,000 crore and assisting in issuance of 580,000 credit cards for the June quarter.
“We added about 2.24 million new consumers who accessed their credit score through our platform in Q2 FY24, bringing our total credit score consumer base to 39 million,” the company said about its credit vertical.
PB Fintech also added that it stays confident of clocking profit-after tax (PAT positive) this year (FY24).
