PB Fintech Limited on Wednesday announced a near 113 percent jump in its annual revenue on the back on a 50-percent growth in insurance premiums in the first quarter of the 2022-23 financial year.

In its quarterly earnings report filed with the Bombay Stock Exchange, the company reported a revenue of Rs 505 crore, up from Rs 238 crore year-on-year. Further, PB Fintech said it registered a 52 percent increase in insurance premiums at Rs 2,430 crore in the June quarter. In the corresponding quarter the previous fiscal, the company had reported Rs 1,594 crore in premiums.

Further, the company's credit disbursal increased 136 percent, up from Rs 984 crore in the year-ago period to Rs 2,320 crore in the quarter under review. Adjusted loss in earnings before interest, tax, depreciattion and amortisation (EBIDTA) — a key indicator of a company's profitability — stood at Rs 66 crore as against Rs 42 crore in the first quarter of last fiscal.

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Overall, the company reported a loss of Rs 204 crore, a steep increase from Rs 111 crore reported in the first quarter of the previous fiscal.

Commenting on the results, the company said, "We aim to make every family in India have Health and Life insurance We are at an annual run rate of insurance premium of over Rs 9,700 crore growing at 2 percent YoY."

PB Fintech added that its efforts to improve customer service and claims support are paying off with "multiple heartening customer messages" and is reflected by a customer satisfaction of 83 percent.

"Over 29.5 million customers have accessed credit score on our paisabazaar platform so far from over 823 different towns. This represents approximately 13 percent of India's active credit score customers," the company added.

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