PB Fintech, operator of the insurance aggregator platform Policybazaar, on Monday, May 22, reported a net loss of Rs 8.9 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net loss of Rs 219.6 crore.
In the March quarter, total revenue stood at Rs 869.1 crore during the period, up 61 percent against Rs 540.29 crore in the corresponding period of the preceding fiscal.
Insurance premiums increased 65 percent year-on-year from the current business to Rs 3,586 crore in Q4, and credit disbursals were at Rs 3,358 crore, up 53 percent year-on-year. The operating revenue grew 61 percent year-on-year to Rs 869 crore, the company said.
In the existing business for Q4, the operating revenue increased 31 percent year-on-year to Rs 504 crore, the contribution margin stood at 44 percent and the core business adjusted EBITDA was Rs 64 crore positive for the quarter (with credit business breaking even since December).
The new initiatives recorded operating revenue of Rs 365 crore, a 136 percent rise year-on-year. The loss in new initiatives stood at Rs 36 crore (down from a peak of Rs 90 crore).
The new initiatives revenue has grown to Rs 365 crore in Q4 while the adjusted EBITDA loss is down to Rs 36 crore, moving from minus 51 percent margin to minus 1 percent, PB Fintech said.
The company's consolidated adjusted EBITDA stood at Rs 28 crore for the fourth quarter which is a 3 percent EBITDA margin, an improvement from minus Rs 80 crore ( minus 15 percent margin) same quarter last year.
For the existing business, adjusted EBITDA increased by Rs 54 crore for the quarter and by Rs 218 crore for the year compared to the same periods last year.
