Operating revenue jumped 112% YoY to 505.18 Cr during the period under review, whereas total expenses grew by 105%.
Policybazaar processing insurance-related premiums totalling INR 2,430 crore in Q1 FY23, which was up 52% over Q1 FY22.
Paisabazaar granted credit worth INR 2,320 crore in the last quarter increasing 136% on a year-on-year basis.
PB Fintech, the parent company of the fintech player Policybazaar the company on Wednesday (August 10) reported a net loss in the amount of 204.33 Cr in the initial period (Q1) for the fiscal year 2022-23 (FY23). The loss jumped 84 percent on a year over year (YoY) basis, up from INR 110.84 Cr during the period ending June 2021. It decreased by 77% on the QoQ (QoQ) base.
Operating revenue jumped 112% YoY, to INR 505.18 Cr during the period under review. The total expenses also increased 105% in the first quarter of FY23, to INR 756.79 Cr, up from INR 369.01 Cr in the same time last year.
Benefits for employees made up the biggest portion of all expenses, rising 81% year-on-year to the figure of INR 381.65 Cr in the first quarter of FY23. Marketing expenses saw a dramatic rise at 172% year-on-year basis, reaching INR 289.79 Cr in the period that ended June 2022.
The fintech company has reported an adjustment to its EBITDA in the range of 18 INR crore for its non-core and core businesses.
Policybazaar stated they processed the processing of insurance premiums amounting to INR 2,430 crore during the first quarter of FY23, which was up 52% in comparison to the same period in the previous year. The new insurance premium per inquiry per month was INR 1,595.
“Quality of our business regarding claims ratios as well as retention rates make our company profitable for partners. A high rate of disclosure and detection of fraud are helping increase the ratio of claims settlement for the partners we work with,” it said in an announcement.
The company stated that its insurance business is seeing an ongoing shift in the business mix to rural India. The company said that 59 percent of its business in insurance was from cities that are not Tier-I in FY22, up from the 28% it had for FY17. Policybazaar said.
PBFintech also operates an online credit-based platform Paisabazaar. PBFintech said it had disbursed credit amounting to INR 2,320 crores during the last quarter increasing 136% on a per-year basis.
“We are currently at a steady pace in the range of INR 11,200 Cr disbursement as well as 4.3 Lakh credit card issuance on an annual basis. More than 29.5 millions of customers have access to credit scores through our paisabazaar platform to date from more than 823 cities,” the statement said.
PB Fintech had close to 61.2 Million registered customers on its Policybazaar platform by the close in June of 2022. The company held nearly 90% market shares the online insurance aggregator industry.
It boasts that it has more than 12.3 million users who have transacted since its start and has it has sold 27.9 million policies to date.
The fintech company also stated it has 40 physical stores across 32 locations across the United States as well as on-ground support for 114 cities.
PBFintech shares PBFintech on Wednesday finished 0.59 percent higher, in the price of INR 560.50 in the BSE. The company announced its earnings after the market closed.