PB Fintech (POLICYBZR) Q4 21/22 earnings summary

Executive summary

• FY22 combined revenue from operations rose 60.7% YoY to ₹1,424.89 crore, while consolidated net loss widened to ₹832.91 crore, reflecting higher operating costs and share-based compensation.

• Insurance premium reached ₹6,975 crore, up 47% YoY; credit disbursal was ₹6,607 crore, up 126% YoY. The business remains asset-light and does not underwrite insurance or retain credit risk.

• FY22 marked the November 2021 IPO and transition to direct insurance brokerage, alongside renewed growth in credit and expansion into corporate insurance, POSP distribution and health technology.

Financial highlights

• Consolidated revenue from operations increased 60.7% to ₹1,424.89 crore from ₹886.66 crore; total income rose to ₹1,550.28 crore from ₹957.41 crore.

• Consolidated net loss was ₹832.91 crore versus ₹150.24 crore; loss before tax was ₹833.39 crore versus ₹141.91 crore.

• Employee share-based payment expense was ₹607.21 crore, versus ₹98.26 crore; consolidated employee benefit expense totaled ₹1,255.54 crore.

• Renewal revenue increased 38% to ₹224 crore; the Policybazaar renewals book generated ₹222 crore of revenue, with ₹88 crore deferred at March 31, 2022 for recognition in FY23.

Outlook and guidance

• Paisabazaar targeted stronger margins and a path to profitability in FY23; the founders expected break-even by Q4 2023.

• Long-term Paisabazaar goals are ₹30,000 crore annualized loan disbursals and 10 lakh credit cards; FY22 run rates exceeded ₹9,000 crore and 3 lakh cards.

• FY23 priorities include profitable health insurance growth, expanding Policybazaar's physical presence to 60+ cities, and continued investment in technology, risk management and new initiatives.