PB Fintech Ltd, the parent company of insurance platform Policybazaar and lending marketplace Paisabazaar, reported its first ever net profit on the back of strong revenue growth during the third quarter of fiscal year 2024.
PB Fintech turned profitable on a consolidated basis with a net profit of Rs 37 crore, compared to a loss of Rs 87 crore in Q3 FY23. The Rs 125 crore jump in profitability was aided by improving unit economics across businesses.
The company posted consolidated operating revenue of Rs 871 crore, a 43% increase year-over-year (YoY).
Revenue from its core online business, consisting of Policybazaar and Paisabazaar, grew 39% YoY to Rs 593 crore. The core online business also saw its contribution margin improve to 44% versus 43% last year. Adjusted EBITDA for the core online business jumped 3x to Rs 76 crore, compared to Rs 26 crore in Q3 FY23. The adjusted EBITDA margin improved significantly to 13% from 6% YoY.
PB Fintech’s new initiatives segment, including its insurance distribution platform PB Partners, grew revenue by 50% YoY to Rs 278 crore. This segment also achieved contribution margin breakeven during the quarter.