PB Fintech narrows down losses, revenue doubles in Q2 FY23
PB Fintech said its revenue for the quarter of FY23 more than doubled (105% YoY) to Rs 573.47 crore from Rs 279.58 crore in the same quarter last year.
, the parent company of and Paisabazaar, on Monday shared the results for the second quarter of FY23. It narrowed down its losses to Rs 186.63 crore for the July-September 2022 quarter, compared to Rs 204.44 crore in the same quarter last year.
The company’s revenue from operations for the period jumped 105% to Rs 573.47 crore from Rs 279.58 crore reported in Q2 FY22.
The total income almost doubled from Rs 300 crore to Rs 633.3 crore, while the expenses shot up from Rs 504.23 crore to Rs 820 crore in the said period.
“While there has been an industry slowdown in retail protection sales, we delivered 34% growth in health insurance premiums and 29% in life insurance new biz premiums, which is 2-5X of the industry. We stay confident of being adjusted EBITDA positive by Q4 this year,” the company said in a BSE filing.
On the other hand, the insurance premium for the quarter came in at Rs 2,545 crore, growing at 79% YoY, while credit disbursal was at Rs 2,922 crore, up 94% YoY, the firm said in a release.
The company’s overall lending business grew 94% YoY, clocking a monthly run rate of Rs 12,000 crore disbursal and five lakh credit card issuances on an annualised basis.
“Over 31 million customers have accessed credit score on our Paisabazaar platform from 824 towns,” it added, while highlighting that co-created products like Step-up Card and Duet Credit Card were gaining traction.
“We expect our credit business to be Adjusted Ebitda positive by Q4,” the company said.
PB Fintech closed at Rs 384 on BSE, up by 1.92%.
Edited by Kanishk Singh