Policy Bazaar will become profitable in FY 24, says CEO

27 Oct 2022 , 09:48 AM

In an interview ahead of the business’s one-year anniversary as a public company, PB Fintech executive chairman and CEO Yashish Dahiya said the company is on track to profitability and will report a profit after tax in FY24.

According to Dahiya, “We will be profitable in FY24 at a profit after tax level.” “At an adjusted Ebitda level, we will be positive as a group in the last quarter of this year. Our primary companies have now generated a profit for three straight quarters.

He predicted that in this fiscal year, the company’s revenue would climb by around five times, to around Rs2,000—2,400 crore, outpacing the pace of industry growth. He also predicted that by FY27, it would post profits of about Rs1,000 crore while still expanding its bottom line by 60—70%. Dahiya explained how public market investors may discover long-term value in its stock by saying, “And I think we will be priced (then) at something which will make sense to our IPO investors.”

After launching with a gain of more than 20% on its first day of trading on Indian bourses, PB Fintech, the parent company of Policybazaar and Paisabazaar, has lost more than half of its share value in comparison to its issue price of Rs980. On Tuesday, its shares dropped more than 2% from their previous close to settle at Rs386.40 on the BSE.

A number of firms rushed to go public in November of last year, including PB Fintech. Nykaa and Paytm were also on the list.

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