Jobaaj Stories
PB Fintech, the parent company of insurance major Policybazaar and credit platform Paisabazaar, reported a 65.9% YoY decline in losses as loss for the quarter ended in March stood at Rs 219.6 crores. Sequentially, the company's losses declined by 26% against Rs 298 crores reported last quarter.
The total income of the company grew a massive 103.8% YoY to Rs 591.16 crores against Rs 290.08 crores reported in the corresponding quarter last year.
Nykaa Q4 results are live, read more.
On a yearly basis, the company's net loss jumped 454% to Rs 832.91 crores for FY22 against Rs 150.24 crores in FY21. However, the company's revenues jumped 60% to Rs 1,424.89 crores while other income reported a 77% growth. This resulted in a total income of Rs 1,550.27 crores, up 62% YoY.
The losses of the company widened on account of higher expenses as total expenses of the company registered a jump of 116% to Rs 2,383.63 crores. Both employee benefit expenses and advertising expenses surged well over 100% during the year.
The company reported a 46% premiums growth in insurance premiums to Rs 6,975 crores as credit disbursal more than doubled during the year to Rs 6,607 crores. In an investor presentation, the company said that Policybazaar held a 93% market share in the online policy aggregators segment, with 58.9 million registered customers and 26.4 million policies sold.
The company has large players like Info Edge, Tencent, Softbank, and Tiger Global as its investors. It was listed at the same time as FSN E-Commerce (Nykaa) but did not perform nearly as well since it surged for the first 3-4 trading sessions and began declining. The share has seen brief moments of bullish resistance, but bears keep driving it down as the stock closed at Rs 669.40 per share on Friday, registering a loss of 42% to investors since listing.
Article by Aman Agarwal.
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