PB Fintech’s net loss narrows to $1.4 mn in Q1 on loan, insurance demand

India’s PB Fintech 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 has jumped 60% and the BSE bank index has gained just