PolicyBazaar Q2 Results: Revenue Rises 22%, Losses Widen
PB Fintech's Q2 revenue increased 21.9% to Rs 811.6 crore as against Rs 665.6 crore in the previous quarter.
PB Fintech Ltd., the owner and operator of PolicyBazaar and PaisaBazaar, posted a slight uptick in revenue sequentially, even as losses widened.
PB Fintech Q2 FY24 (Consolidated, QoQ)
Revenue up 21.9% at Rs 811.6 crore vs Rs 665.6 crore.
Ebitda loss of Rs 89.1 crore vs Ebitda loss of Rs 77.1 crore.
Reported loss of Rs 21.1 crore vs loss of Rs 11.9 crore (Bloomberg estimate: Loss of Rs 7.1 crore).
The company said its core businesses, PolicyBazaar and PaisaBazaar, improved their adjusted Ebitda by Rs 66 crore year-on-year. "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," it said in a statement alongside earnings.
Its credit business continues to "grow very well" and has been adjusted Ebitda positive since December. "We are now at the annualised run rate of Rs 16,500 crore disbursal and about 6 lakh credit card issuance on an annualised basis," it said.
