pb fintech q1 earnings update: PB Fintech Q1 Results: Policybazaar parent’s loss narrows to Rs 12 cr; revenue jumps 32%

PB Fintech, which runs Policybazaar and Paisabazaar, on Monday reported that it has narrowed its losses substantially to Rs 11.9 crore in the quarter ended June 2023. The company had reported a loss of Rs 204 crore in the year-ago quarter.The fintech’s operating revenue rose 32% year-on-year to Rs 666 crore in the reporting period. It was Rs 505 crore in the corresponding quarter of last year.

The consolidated adjusted EBITDA was a positive Rs 23 crore for the first quarter, an improvement from negative of Rs 66 crore in the same quarter last year.

The operating revenue of Policybazaar and Paisabazaar, which are jointly classified as core online business, increased 39% year-on-year to Rs 516 crore in the June quarter, while contribution margins improved to 45%.

In the core online business, the new insurance premium of protection (Health + Term), grew at 40% sequentially. The core business Adjusted EBITDA was at Rs 69 crore, up from just Rs 5 crore last year, while adjusted EBITDA margin rose to 13%.

The trail revenue is at an ARR (annualized run rate) of Rs 418+ crore, up from Rs 273 crore last year same quarter. This typically operates at over 85% margins and is a significant source of profit growth.

The company has seen continuous improvement in customer onboarding, service, and claims support and it maintains a CSAT of 88%.

In the credit business, PB Fintech is at an ARR of Rs 16,000 crore disbursal and 5.8 lakh credit card issuance on an annualized basis (July 2023).

About 36.9 million customers have accessed credit score on its platform and 75% disbursals are from existing customers. The trail revenue is now at 14% of total credit business revenue.

The new initiatives business has recorded an operating revenue of Rs 149 crore, up 11 from a year-ago, while losses shrunk to Rs 46 crore during the June quarter.

On Monday, the company’s shares closed 1.73% higher at Rs 794.50 on NSE.

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