PB Fintech, the parent company of Policybazaar, has reported a significant reduction in its net consolidated loss for the first quarter of 2023. The company's net loss narrowed by an impressive 94 per cent year-on-year to Rs 11.9 crore, down from a net loss of Rs 204 crore reported during the corresponding quarter of the previous fiscal year.
The company's revenue also witnessed a remarkable surge, rising by 39 per cent compared to the same period last year. PB Fintech's operating revenue grew by 31 per cent year-on-year to Rs 666 crore, with contribution margins coming in at 44 per cent.
The company's revenue from operations rose by 60.85 per cent to Rs 869.09 crore from Rs 540.29 crore in the year-ago period.
PB Fintech's earnings have been declining at an average annual rate of -26.2 per cent, while the Insurance industry saw earnings growing at 5.3 per cent annually. However, the company is forecasted to grow earnings and revenue by 60.2 per cent and 20 per cent per annum respectively.
The company's EPS is expected to grow by 62.8 per cent, and return on equity is forecast to be 12.2 per cent in 3 years.
“We are also very pleased that our core engines of value, the new insurance premium of protection (Health + Term), grew at c.40%, and this growth has been accelerating month on month through the quarter," the statement from PB Fintech said.
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