India's PB Fintech posts smaller Q1 loss on loan, insurance demand

PB Fintech

07/08/2023 15:40

BENGALURU, Aug 7 (Reuters) - India's PB Fintech
 PBFI.NS  the parent of online insurance aggregator
Policybazaar, reported a narrower first-quarter loss on Monday
on growing demand for insurance and loans.
    PB Fintech, which also operates online credit marketplace
Paisabazaar, said its consolidated net loss narrowed to 114.2
million rupees ($1.4 million) for the quarter ended June 30 from
2.04 billion rupees a year ago.
    Revenue from operations rose 31.8% to 6.66 billion rupees,
with revenue from Policybazaar and Paisabazaar, its core online
business, growing 39% to 5.16 billion rupees.
    Loan disbursals rose 52.7%, the company said.
    The company's costs rose 1.5%, significantly less than the
18.4% increase in the previous quarter.     
    That helped PB Fintech post a positive adjusted EBITDA
(earnings before interest, taxes, depreciation, and
amortization). It broke even on an adjusted EBITDA basis in the
fourth quarter of the previous fiscal year.
    Policybazaar and Paisabazaar have been adjusted EBITDA
positive for more than a year.
    PB Fintech's shares closed 2.2% higher ahead of its results.
They have surged nearly 74.5% so far this year, while peer Paytm
 PAYT.NS  has jumped 60% and the BSE bank index  .BSEBANK  has
gained just 3%.



($1 = 82.7100 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru; Editing by Savio
D'souza and Sonia Cheema)
 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))