PB Fintech, the parent entity of insurance marketplace Policybazaar and credit marketplace Paisabazaar, has reported a 33% jump in operating income at Rs 1,348 crore, compared to Rs 1,010 crore a year back.
Its net profit for the June quarter stood at Rs 82 crore, up almost 50% from Rs 55 crore a year back.
Its overall expenses stood at Rs 1,355 crore, up 25% from Rs 1,081 crore a year back. But quarter-on-quarter (QoQ), the Gurugram-based fintech has reduced its spends by majorly cutting down on advertising expenses.
The insurance premium collection, the core business operation for Policybazaar, grew to Rs 6,616 crore, up 35% from Rs 4,871 crore a year back.
While Policybazaar’s new business verticals have grown, they continue to remain loss-making. This includes insurance distribution through retail agents and international businesses. As per disclosures, the firm reported negative earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Rs 31 crore in these businesses.
In terms of the credit disbursal business, which is run through Paisabazaar, the core online business shrank, but again, its new business initiatives, like secured credit products, went up. Overall disbursals more than doubled to Rs 7,000 crore compared to Rs 3,140 crore a year back. The company said that it is disbursing around Rs 28,000 crore in credit disbursals and around 4 lakh credit cards annually.
In terms of regulatory nods, PB Fintech said that its subsidiary entity, PB Pay, has received in-principle authorisation from the Reserve Bank of India to operate as a payment aggregator (PA). Additionally, the company disclosed that it has made an investment of Rs 539.4 crore in PB Healthcare Services, and now it owns around 40% in the firm, thereby being identified as an associate entity and not a subsidiary firm anymore.
Its net profit for the June quarter stood at Rs 82 crore, up almost 50% from Rs 55 crore a year back.
Its overall expenses stood at Rs 1,355 crore, up 25% from Rs 1,081 crore a year back. But quarter-on-quarter (QoQ), the Gurugram-based fintech has reduced its spends by majorly cutting down on advertising expenses.
The insurance premium collection, the core business operation for Policybazaar, grew to Rs 6,616 crore, up 35% from Rs 4,871 crore a year back.
While Policybazaar’s new business verticals have grown, they continue to remain loss-making. This includes insurance distribution through retail agents and international businesses. As per disclosures, the firm reported negative earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Rs 31 crore in these businesses.
In terms of the credit disbursal business, which is run through Paisabazaar, the core online business shrank, but again, its new business initiatives, like secured credit products, went up. Overall disbursals more than doubled to Rs 7,000 crore compared to Rs 3,140 crore a year back. The company said that it is disbursing around Rs 28,000 crore in credit disbursals and around 4 lakh credit cards annually.
In terms of regulatory nods, PB Fintech said that its subsidiary entity, PB Pay, has received in-principle authorisation from the Reserve Bank of India to operate as a payment aggregator (PA). Additionally, the company disclosed that it has made an investment of Rs 539.4 crore in PB Healthcare Services, and now it owns around 40% in the firm, thereby being identified as an associate entity and not a subsidiary firm anymore.
