PB Fintech Ltd, the parent firm of online insurance broker Policybazaar, on Monday, said its net loss has narrowed to Rs 11.9 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, PB Fintech posted a net loss of Rs 204 crore, the company said in a regulatory filing.
In the quarter, total revenue stood at Rs 666 crore during the period under review, up 31.9 percent against Rs 505 crore in the corresponding period of the preceding fiscal.
The consolidated adjusted EBITDA was at Rs 23 crore for the first quarter of this fiscal over a loss of Rs 66 crore in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
For the last 5 quarters, adjusted EBITDA has improved at an ARR (annualised run-rate) of over Rs 200 crore. The company's new insurance premium of protection (Health + Term), grew at 40 percent month-on-month.
PB Fintech's consolidated adjusted EBITDA was Rs 23 crore for Q1, an improvement from a loss of Rs 66 crore same quarter last year, an increase of Rs 89 crore. The core online business adjusted EBITDA increased by Rs 64 crore year-on-year.
The company's renewal or trail revenue is at an ARR of Rs 418+ crore, up from Rs 273 crore last year same quarter. This typically operates at over 85 percent margins and is a significant source of profit growth. It also maintained a CSAT (Customer Satisfaction Score) of 88 percent.
In the credit business, the company is now at the annualised run rate of Rs 16,000 crore disbursal and 5.8 lakh credit card issuance on an annualized basis (July 2023).
Also, 36.9 million customers have accessed credit scores on PB Fintech's platform. Trail revenue is now at 14 percent of total credit business revenue, the company added.
The results came after the close of the market hours. Shares of PB Fintech Ltd ended at Rs 797.75, up by Rs 16.35, or 2.09 percent on the BSE.
