Policybazaar Q1 Net Loss Soars 84% YoY To INR 204.33 Cr, Operating Revenue Up 112%
- ByStartupStory | August 11, 2022
PB Fintech, the parent company of fintech provider Policybazaar, posted a combined net loss of INR 204.33 Cr in the first quarter (Q1) of the fiscal year 2022-23 on Wednesday (August 10). (FY23). The loss increased 84% year on year (YoY) from INR 110.84 Cr in the quarter ended June 2021, while it decreased approximately 7% quarter on quarter (QoQ). In the most recent quarter, operating revenue increased 112% year on year to INR 505.18 Cr. Total costs increased 105% in Q1 FY23 to INR 756.79 Cr from INR 369.01 Cr the previous year.
Employee benefit expenditures accounted for the majority of overall expenses, increasing 81% year on year to INR 381.65 Cr in Q1 FY23. Marketing costs increased by 172% year on year to INR 289.79 Cr in the fiscal year ended June 2022. The fintech firm recorded INR 18 Cr in adjusted EBITDA for its core & non-core activities. Policybazaar reported that it processed insurance premiums totaling INR 2,430 Cr in the first quarter of FY23, a 52% increase over the same period last year. The monthly statistic for new insurance premiums per query was INR 1,595.
Paisabazaar, an online credit marketplace, is also operated by PBFintech. According to the corporation, it disbursed a credit of INR 2,320 Cr in the quarter under review, an increase of 136% year on year. “On an annual basis, we are presently disbursing INR 11,200 Cr and issuing 4.3 Lakh credit cards.” “Too far, over 29.5 million clients from 823 different municipalities have accessed credit scores on our paisa bazaar platform,” according to the statement. PB By the end of June 2022, fintech had around 61.2 million registered consumers on the Policybazaar platform. In the internet insurance aggregator industry, the business had approximately 93% of the market.
It claims to have over 12.3 million transactional users and to have sold 27.9 million policies since its establishment. The fintech company also stated that it has 40 physical storefronts in 32 cities around the country, as well as on-the-ground support in 114 cities. PBFintech shares closed 0.59% higher on the BSE on Wednesday at INR 560.50. After market hours, the firm announced its financial results.
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