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PB Fintech, the parent company of Policybazaar and Paisabazaar, on Monday reported a consolidated net loss of ₹186.63 crore for the second quarter ended September 30, 2022. The latest quarterly loss was narrower than the consolidated net loss of ₹204.44 crore recorded in the same quarter last fiscal.
In the June 2022 quarter, PB Fintech had recorded a consolidated net loss of ₹204.33 crore.
Total consolidated income for the quarter under review more than doubled to ₹634 crore from ₹300 crore in same period last year, company’s latest filings with stock exchanges showed. In June 2022 quarter, PB Fintech recorded total income of ₹ 553 crore.
PB Fintech said its revenue from operations jumped 105.11 per cent to ₹573.47 crore from ₹ 279.58 crore in same quarter last year.
GROWING AGAINST THE TIDE
“While there has been an industry slowdown in retail protection sales, we delivered 34 per cent growth in health insurance premiums and 29 per cent in life insurance new business premiums, which is 2-5x of the industry. We stay confident of being Adjusted EBITDA positive by Q4 this year,” the company said.
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