The company reported a net profit of Rs 51 crore in the September quarter compared to a net loss of Rs 21 crore last year. The Gurugram-based startup had reported a net profit of Rs 60 crore in the June quarter.
Driven by a moderate increase in employee expenses and advertising costs, PB Fintech saw its overall expenses in the September quarter go up 30.4% to Rs 1,213 crore from Rs 930 crore a year ago. Its employee costs for the September quarter stood at Rs 507.5 crore and marketing expenses at Rs 278 crore.
The company’s cash in hand stood at Rs 5,423 crore.
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In terms of its business, Policybazaar processed Rs 5,450 crore in total insurance premiums, with Rs 3,922 crore coming from the core online business and Rs 1,528 crore from its new initiatives which majorly includes the corporate business and business originated through retail agents.
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Credit disbursal through the Paisabazaar platform stood at Rs 4,237 crore, almost flat compared to Rs 4,139 crore disbursed in the September quarter a year back.Paisabazaar is distributing credit cards at an annual rate of 5.8 lakh and has added 22 lakh new customers through its credit score product. It has given out 146,000 new credit cards in the September quarter.
Overall, the company said that there is a moderation in the unsecured credit and credit card distribution business driven by major macroeconomic factors. The company has found stress in certain categories which has led to further tightening of the loan disbursal process by some lenders.
Also, some lenders had to stop the onboarding process because of pricing and process concerns. Regulatory guidance on video KYC led to policy changes for some cobranded credit card partnerships, it said.
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