PB FINTECH-THE parent company of Policybazaar and Paisabazaar-turned profitable for the first time in Q3FY24. It reported a consolidated net profit of ₹38 crore, compared to a loss of ₹87 crore in the year-ago period and a loss of around ₹20 crore in the previous quarter. Yashish Dahiya, Chairman & CEO of PB Fintech, talks to Business Today about Policybazaar's idea of growth, importance of back-end integration, and more. Edited excerpts:
How has FY24 been so far in terms of growth and profitability?
We're exceeding expectations in terms of growth, maybe by about 10%. Profit is just a by-product for us, but it's pretty much on expected lines and is on track. Our focus is 80% on growth, knowing that profit follows. I think if you have growth, profit will eventually come. And I think the growth part has done well. So, we feel good about it [profit].
In Q3FY24, Policybazaar made a profit for the first time. Will this be sustainable?
The answer is yes. But please understand that profit is, again, a byproduct. Our business has reached a stage where it just has to make profits and if you go back to whatever we've been saying in previous interviews, it was always [going to be profitable in] Q3FY24. So it was exactly on expected lines.
This story is from the April 28, 2024 edition of Business Today India.
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This story is from the April 28, 2024 edition of Business Today India.
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