Yashish Dahiya, co-founder of Policybazaar
The company’s revenue from operations rose 31.8% to Rs 6.66 billion , with revenue from Policybazaar and Paisabazaar, its core online business, growing 39% to Rs 5.16 billion
New Delhi:
India’s PB Fintech the parent of online insurance aggregator Policybazaar, reported a narrower first-quarter loss on Monday on growing demand for insurance and loans.
PB Fintech, which also operates online credit marketplace Paisabazaar, said its consolidated net loss narrowed to Rs 114.2 million ($1.4 million) for the quarter ended June 30 from Rs 2.04 billion a year ago.
Revenue from operations rose 31.8% to Rs 6.66 billion , with revenue from Policybazaar and Paisabazaar, its core online business, growing 39% to Rs 5.16 billion.
Loan disbursals rose 52.7%, the company said. The company’s costs rose 1.5%, significantly less than the 18.4% increase in the previous quarter.
That helped PB Fintech post a positive adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). It broke even on an adjusted EBITDA basis in the fourth quarter of the previous fiscal year.
Policybazaar turned Adjusted EBITDA positive in the March quarter and the company’s management had said the company would turn in a profit after tax (PAT) by next year and expanding the number to Rs 1,000 crore by 2026-27.
“We hope that the company will be PAT (profit after tax) positive next year. We have also given some guidance about being Rs 1,000 crore in PAT by 2026-27.We expect our new business over the medium term to keep growing at 30 percent. If we don’t grow at that rate, then of course there’s a question mark. We think the industry will grow at about 10-15 percent and we should grow 2-3 times the industry level,” Yashish Dahiya, co-founder of Policybazaar had said earlier.
PB Fintech, the parent company of Policybazaar, reported a net consolidated loss of Rs 8.95 crore for the quarter ended in March. This marks a significant decrease from the loss of Rs 219.60 crore incurred in the same quarter the previous year.
PB Fintech’s shares closed 2.2% higher ahead of its results.
Reuters