Ebix posted a 14% YoY increase to $147.2 million in revenue for Q3FY19. This increase would be 17% YoY if revenues from the discontinued e-governance business with BSNL were excluded. The company had booked a bad debt reserve of $12.1 million against receivables from BSNL. Although the Indian government has approved funding for BSNL, Ebix still expects the accounts to be recoverable only after the funding reaches BSNL. The BSNL venture earned EbixCash $2.4 million in revenue in Q3FY18. EbixCash Growth was driven by EbixCash — Ebix's India subsidiary which accounts for over half of Ebix's revenue — that grew at 36% YoY to $82 million, and 42% YoY excluding its e-governance business with BSNL. IRDAI approval for BSE-Ebix insurance exchange: Ebix and BSE have secured IRDAI's in-principle approval for the insurance exchange joint venture to be deployed in India. Ebix expects this to be a "real big opportunity in insurance" and will handle insurance distribution and back-end insurance processing "in a manner and scale that has never been attempted in India". The business model will have a pure commission-based model — "since it is the most lucrative financially" — with transaction and subscription fees in addition. The exchange will sell life, property and casualty, equipment, travel, and health insurance. An overview of EbixCash: The business showed strong growth in remittance, lending technology, travel wealth and asset management technology and e-learning, generating 40% plus operating margins. EbixCash began wealth management services, which grew 82% YoY in Q3FY19 primarily due to…
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