PB Fintech reported a consolidated net loss of Rs 219.60 crore in Q4 FY22 as against a net loss of Rs 64.38 crore in the year-ago period.
Operating revenue during the quarter doubled to Rs 540.3 crore from Rs 270.76 crore recorded in Q4 FY21. Insurance premium increased by 70% YoY to Rs 2,176 crore while credit disbursal jumped 72% YoY to Rs 2,189 crore in Q4 FY22.
Core business Adjusted EBITDA was Rs 10 crore positive for the quarter (absorbing an Rs 18 crore loss by the non-insurance business), thus core insurance business had an Adjusted EBITDA of Rs 28 crore for the quarter.
"Our core business is now adjusted EBITDA positive and we expect that to improve further. Within this, the insurance core business delivered Rs 28 crore adjusted EBITDA in Q4. Credit core business is decidedly moving towards profitability. Both these businesses will grow profitably as category leaders. Going forward, investment in new initiatives will likely be covered by interest income, PB Fintech said in a statement.
The company's net loss widened to Rs 832.91 crore in FY22 from Rs 150.24 crore in FY21. Revenue from operations increased by 60.7% to Rs 1,424.89 crore in FY22 over FY21.
"Our focus continues towards increasing insurance coverage for families across India. To reflect that commitment, we have changed our tagline to Har Family Hogi Insured! We are seeing a steady shift in business mix towards smaller towns and cities; currently 59% of our insurance business is from non-Tier 1 cities up from 28% in FY17, the company said.
PB Fintech, the owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products.
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