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'We delayed profit by design'
Mint Mumbai
|February 01, 2024
PB Fintech, the parent company of online insurance aggregator Policybazaar, clocked its first ever profitable quarter for the period ending 31 December 2023. The company clocked a profit after tax of ₹37.2 crore as against a loss of ₹87 crore a year ago.
This profit came on the back of a 43% revenue growth to ₹871 crore. The company saw its share price cross the initial public offer (IPO) price of ₹980 a share on Wednesday. The company, while delivering strong premium growth amid lower commissions, is expected to grow on the back of its online sales which grew more than 39% year on year for Q3FY24.
The new initiatives of the company will increasingly add to the bottom line but it is the core business that is likely to drive its growth sustainably, said Yashish Dahiya, cofounder and chief executive of PB Fintech in an interview. Edited excerpts:
You have managed to turn a profit. How did you do this?
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