PB Fintech’s Q1 net loss narrows 94% to ₹ 11.9 crore

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PB Fintech, the parent company of insurance aggregator Policybazaar, reported on Monday a first quarter net loss of ₹11.9 crore, sharply narrower than the net loss of ₹204 crore recorded in the same quarter last fiscal.

However, on a sequential basis, the net loss widened to ₹ 11.9 crore from a net loss of ₹9.4 crore in the March 2023 quarter.

Operating revenue of the company’s core online business was up 39 per cent at ₹516 crore.

PB Fintech’s operating revenue (which includes the performance of both Policybazaar and Paisabazaar) for the quarter under review stood at ₹666 crore, up 32 per cent over an operating revenue of ₹505 crore in the same quarter last fiscal.

The company reported an operational income of ₹ 876 crore in the March 2023 quarter (the fourth quarter is usually a seasonally strong quarter).

Meanwhile, PB Fintech said that the company remains confident of being significantly PAT-positive for the year.