TLDR: PB Fintech, the parent company of insurtech platform Policybazaar, turned profitable in Q3 FY24 with a profit after tax (PAT) of INR 37.2 crore. The company reported a loss of INR 21.1 crore in the preceding quarter and INR 87.6 crore in Q3 FY23. PB Fintech’s total operating revenue jumped 43% to INR 871 crore in Q3 FY24 from INR 610 crore in Q3 FY23. Revenue from the core online business grew 39% year-on-year to INR 593 crore in Q3 FY24. The revenue from new initiatives business jumped 50% YoY to INR 278 crore. PB Fintech’s lending arm Paisabazaar reported a credit disbursal ARR of INR 14,000 crore. Policybazaar’s total insurance premium stood at INR 4,261 crore, with registered customers reaching 74.7 million. PB Fintech’s expenses declined slightly to INR 925.9 crore in Q3 FY24, down from INR 930.2 crore in the prior quarter.
PB Fintech: Thriving with INR 37 Cr Profit in Q3 FY24
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