PB Fintech's third quarter loss shrank to Rs 87 crore as revenue rose by 66%.

 PB Fintech's third quarter loss shrank to Rs 87 crore as revenue rose by 66%.

The company's operating revenue increased by 66%, from Rs 573 crore in the same period the year before to Rs 610 crore.

Policybazaar and Paisabazaar's parent firm, PB Fintech, announced on February 10 that its combined loss shrunk to Rs 87 crore from Rs 298 crore in the same period last year.

Its operational revenue increased 66% year over year to Rs 610 crore. The business expressed confidence in its ability to achieve positive EBITDA by the fourth quarter of the current fiscal year and the first full year of positive PAT in 2023–2024.

The company collected Rs 3,082 crore in insurance premiums during the quarter under review, the most for the year and an increase of 70% from the same quarter last year.

With loan disbursements of Rs 3,021 crore, up over 57% year over year, the company's lending segment experienced significant development

"Digitalization is playing a bigger role in lending, with credit cards now leading the way with about 75% of cards issued in Q3 being end-to-end digital... "Those with exceptional expertise like ours will stand to benefit as lending moves towards more e2e digital lending, the business claimed.

The credit business broke even in December, ahead of expectations for the fourth quarter of FY23, while core business adjusted EBITDA was positive at Rs 26 crore for the quarter.

According to the company, "this growth was driven by three things: growth in renewal income, growth in new business, and higher efficiency in new business."

Current company earnings increased by 34% to Rs 425 crore. The new initiative's revenue surged by 270% to Rs 185 crore.

"Compared to the same period last year, our current business' Adjusted EBITDA increased by Rs. 67 crore for the quarter and Rs. 164 crore for the first nine months of the year. According to the organisation, this gain was fueled by three factors: an increase in renewal income, an increase in new business growth, and higher new business efficiency.

On the Indian Stock Exchange, PB Fintech finished at Rs 517 per share, up 1.3%.