Policybazaar parent company PB Fintech's Q1 net loss decreased to Rs 12 crore while revenue increased by 32%

The parent company of online insurance broker Policybazaar, PB Fintech Ltd, reported on Monday that its net loss for the first quarter ended June 30, 2023, has decreased to Rs 11.9 crore.

According to a regulatory filing by the company, PB Fintech reported a net loss of Rs 204 crore during the same quarter last year.

Total revenue for the quarter was Rs 666 crore during the period under review, an increase of 31.9 percent from Rs 505 crore in the equivalent period of the previous fiscal.

For the first quarter of the current fiscal year, the consolidated adjusted EBITDA was Rs 23 crore compared to a loss of Rs 66 crore during the same time last year.

Adjusted EBITDA has increased over the past five quarters at an ARR (annualized run-rate) of more than Rs 200 crore. The company's new protection insurance premium (Health + Term) increased by 40% month on month.

PB Fintech's consolidated adjusted EBITDA for the first quarter was Rs 23 crore, up 89 crore from the same time previous year's loss of Rs 66 crore. EBITDA adjusted for the core online business grew by Rs 64 crore YoY.

The company's renewal or trail revenue has increased from Rs 273 crore in the same quarter previous year to an ARR of Rs 418+ crore. This generates a significant amount of profit growth and often operates at margins of over 85%. Additionally, it maintained an 88 percent CSAT (Customer Satisfaction Score).

The company is now issuing 5.8 lakh credit cards annually on a yearly basis and disbursing Rs 16,000 crore in the credit business (July 2023).

On the PB Fintech platform, 36.9 million customers have accessed credit scores. The company also stated that trail revenue has reached 14% of total credit business revenue.

The results were announced after the market had closed.

Source: Media Reports