PB Fintech, the parent firm of online insurance broker Policybazaar, on Monday reported a consolidated net loss of Rs 8.95 crore for the March quarter. The company reported a net loss of Rs 220 crore a year ago.
The company’s consolidated revenue from operation rose by 60.92 per cent to Rs 869 crore for the March quarter as compared to Rs 540 crore in the year-ago period.
In a regulatory filing, the company said, “As we had guided earlier about breaking even in Q4, we are glad to announce that we broke even and our consolidated adjusted EBITDA was a positive Rs 28 crore for Q4 which is a 3 per cent EBTIDA margin, an improvement from minus Rs 80 crore (-15% margin) same quarter last year.”
“Just to reiterate here, our existing businesses comprising of Policybazaar and Paisabazaar which are the insurance and credit marketplaces respectively have been adjusted EBITDA positive for more than a year with Paisabazaar individually being EBITDA positive since December 2022, the company said in BSE filing.
The company’s existing business, adjusted EBITDA increased by Rs 54 crore for the quarter and Rs 218 crore for the year as compared to the same periods last year.
The company continue to improve on premium per enquiry – it has now reached Rs 1,754 for FY23, which is the highest ever, and also 27 per cent higher than last year. March was an exceptional month for the industry given the tax changes announced in the budget, where our savings business also got impacted positively.
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Continuous improvement in customer onboarding, service, and claims support – we maintain our CSAT of 88 per cent, the company said.