Shares of PB Fintech surged close to 4% to reach Monday's intraday high of ₹545.25 as the markets opened today to continue its eight-session gaining streak.
What Happened: The non-banking financial services company reported a loss of ₹87 crore this quarter. The losses narrowed by 71% year-over-year and 53.2% sequentially. The company in a regulatory filing said it is on track to reach net profit breakeven in the next financial year.
The company's revenue from operation jumped 66% YoY to ₹610 crore. The company saw its insurance premium collection jump 70% YoY to ₹3,028 crore this quarter. Credit disbursals also grew 57% YoY to ₹3,021 crore.
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The company's existing businesses' (Policybazaar and Paisabazaar) revenue grew by around 34% to ₹425 crore. The adjusted EBITDA for the businesses was at ₹26 crore. The EBITDA margin rose from 3% in the September quarter to 6% this quarter.
The company also addressed the worries arising from this year's budget that announced making a few high-value insurance policies taxable. The company said that its focus is on middle-class consumers and not as much on the wealth management category and thus the likely impact from the announcement would be under 1%.
Price Action: PB Fintech was up 1.23% to trade at ₹530.45 in the early hours of trading on Monday.
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