PB Fintech, the operator of Policybazzar, on Monday reported a narrowing of consolidated losses at Rs 186.64 crore for September quarter compared with Rs 204.33 crore in June and Rs 204.44 crore in the year-ago quarter.
Revenue for the quarter more than doubled (105 per cent YoY) to Rs 573.47 crore from Rs 279.58 crore in the same quarter last year.
Insurance premium came in at Rs 2,545 crore, up 79 per cent YoY. Credit disbursal stood at Rs 2,922 crore. Core business operating revenue stood at Rs 410 crore, 55 per cent YoY. Contribution margin came in at 45 per cent.
Core business Adjusted Ebitda stood at Rs 12 crore for the quarter after absorbing a Rs 5 crore loss by the non-insurance business. Core insurance business, thus, had an adjusted Ebitda of Rs 18 crore for the quarter, the company said adding that ” Core business should now rapidly grow Ebitda.”
“While there has been an industry slowdown in retail protection sales, we delivered 34 per cent growth in health insurance premiums and 29% in life insurance new biz premiums, which is 2-5 times of the industry. We stay confident of being adjusted Ebitda positive by Q4 this year,” the company said in a BSE filing.
The company said it is now clocking aa monthly run rate of Rs 12,000 crore disbursal and 5 lakh credit card issuance on an annualised basis.
Over 31 million customers have accessed credit score on Paisabazaar platform from 824 towns, it said adding that 73 per cent of cards issued in Q2 were end-to-end (E2E) digital.
“Co-created products like Step-up Card, Duet Credit Card are gaining traction,” it said adding that “We expect our credit business to be Adjusted Ebitda positive by Q4.”
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