Operating income increased by 112% YoY to INR 505.18 Cr in the quarter under review, while total expenses increased by 105%. Policybazaar processed INR 2,430 Cr worth of insurance premiums in the first quarter of FY23, 52% more than in the first quarter of FY22. Paisabazaar disbursed credit worth INR 2,320 Cr in the quarter under review, growing 136% year on year
Read Also : WazirX has no affiliation with users under ED investigation
Policybazaar Q1 Net Loss 204.33 Cr
PB Fintech, the parent company of fintech player Policybazaar, reported on Wednesday Aug 10 a consolidated net loss of INR 204.33 Cr in the first quarter Q1 of fiscal year 2022-23 FY23. Loss increased 84% YoY from INR 110.84 Cr in the quarter ending June 2021, while shrinking almost 7% QoQ.
Operating income increased by 112% YoY to INR 505.18 Cr in the quarter under review. Total expenses also grew by 105% in the first quarter of FY23 to INR 756.79 Cr from INR 369.01 Cr during the same period last year.
Employee benefit expenses accounted for the largest share of total expenses, growing 81% YoY to INR 381.65 Cr in the first quarter of FY23. Marketing expenses saw a strong increase of 172% YoY to INR 289.79 Cr in the quarter ending June 2022.
The fintech player reported an adjusted EBITDA of INR 18 Cr for its core and non core businesses.
Policybazaar said it processed INR 2,430 Cr worth of insurance premiums in the first quarter of FY23, up 52% from the same period last year. The new insurance premium metric per consultation per month stood at INR 1595.
The quality of the business in terms of loss ratio and retention rates makes our business profitable for our partners. High disclosure rates and fraud detection are helping improve claim settlement rates for our partners, he said in a statement.
The company said the insurance business is seeing a steady shift in the business mix towards rural India. About 59% of its insurance business came from non Tier I cities in FY22, double the 28% in FY2017, Policybazaar said.
PBFintech also operates the Paisabazaar online credit platform. The company said it disbursed credit worth INR 2,320 Cr in the quarter under review, growing 136% year-on-year.
We now have a run rate of INR 11,200 Cr payout and 4.3 Lakh credit card issuance on an annualized basis. More than 29.5 million customers have accessed the credit score on our paisabazaar platform so far from more than 823 different cities, the statement said.
PB Fintech had close to 61.2 million registered customers on the Policybazaar platform at the end of June 2022. The company had nearly 93% market share in the online insurance aggregator space.
It claims to have more than 12.3 million transactional users since its inception and has sold 27.9 million policies to date.
The fintech player also said it operates 40 physical stores in 32 cities across the country, with field support in 114 cities.
Shares of PBFintech on Wednesday finished 0.59% higher at INR 560.50 on the BSE. The company reported financial results outside of market hours.