PB Fintech, the owners of Policybazaar and Paisabazaar, on Wednesday, posted a consolidated loss of Rs 204.33 crore for the first quarter of FY23, more than 80 percent from Rs 110.84 crore reported in the corresponding quarter of the last fiscal on weak operating performance.
The insurance and lending product company, in its BSE filing, said it has reported an 82 percent on-year increase in employee expenses, while advertising & promotion expenses surged to 173 percent YoY for the quarter.
Adjusted loss in earnings before interest, tax, depreciation, and amortization (EBITDA) rose to Rs 66 crore compared with Rs 42 crore in the first quarter of FY22. Revenue from operations for the recently concluded quarter jumped more than 110 percent to Rs 505.2 crore from Rs 238 crore in the year-ago period.
The insurance premium business of Policybazaar saw a growth of 52 percent on-year to Rs 2,430 crore, and loan disbursal, through Paisabazaar, increased by 136 percent to Rs 2,320 crore in June ended quarter FY23.
“Now we are driving efficiency, having reduced losses by 20Cr QoQ, this trend of reducing losses should continue, ” PB Fintech said in a statement.
“We are at an annual run rate of insurance premium of over 19,700 crore growing at 52% YoY. Our consistent effort to improve customer service is reflected by a CSAT of 83%. High disclosure rates & fraud detection are helping improve claims settlement ratios for our partners; our folio has a 9% higher claims settlement ratio as compared to other channels for health insurance” PB Fintech said.
The shares of PB Fintech zoomed more than 4 percent on doubling revenue in the first quarter.