Policybazaar’s Parent Company PB Fintech Reduces Q2 Net Loss By 89% YoY To Rs 21 Cr
The company’s operational revenue amounted to Rs 812 crore, marking a 42 per cent year-on-year growth
PB Fintech, the parent company of insurance aggregator Policybazaar, disclosed a net loss of Rs 21 crore in the second quarter of the fiscal year 2023-24 (Q2FY24), marking a substantial 89 per cent reduction compared to the Rs 187 crore net loss reported in the same period the previous year.
The company’s total revenue from operations reached Rs 812 crore, representing a robust 42 per cent year-on-year (YoY) growth. Furthermore, the adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin improved to 2 per cent from the previous year’s -9 per cent.
The core online business demonstrated a noteworthy increase in operational revenue, surging by 46 per cent YoY to Rs 597 crore, as stated in a release.
