Shares of PB Fintech, the parent company of Policybazaar and Paisabazaar, tanked more than 3.5% in early trade on Tuesday as shareholders booked gains and zeroed in on a wider sequential loss.
What Happened: The fintech giant reported a reduction in losses in the second quarter, posting a loss of ₹11.9 crore in losses, compared with a ₹204 crore loss in the same period last year.
However, on a quarter-on-quarter basis, the company’s loss widened marginally, having posted a loss of ₹9.4 crore during the March quarter.
During the quarter, PB Fintech’s operating revenue surged by 32% to ₹666 crore, up from ₹505 crore last year.
Its consolidated adjusted EBITDA also improved, reaching ₹23 crore for Q1, a notable improvement from an EBITDA loss of ₹66 crore in the same period the previous year.
The combined operating revenue of Policybazaar and Paisabazaar jumped 39%, reaching ₹516 crore in Q2. Contribution margins also marched forward, rising to 45%.
Price Action: PB Fintech’s share price was down 3.56% to ₹769.75 at open on Tuesday. The company’s stock had ended 1.73% higher on Monday.
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