Business
Policybazaar parent’s loss widens 55% to Rs 297 cr in Q3, revenue up 73%
PB Fintech, the parent company of recently listed online insurance aggregator Policybazaar, saw its net loss jump 55% year-on-year to Rs 297 crore in the December quarter (Q3). Meanwhile, the company’s revenue rose 73% to Rs 367 crore in the same period.
While the company’s insurance premiums (via Policybazaar) rose 68% to Rs 1,796 crore in the third quarter, credit disbursements (via Paisabazaar) rose 94% to Rs 1,926 crore. Adjusted EBITDA (non-GAAP) lost Rs 920 crore, reflecting investments in new initiatives and brand advertising.
According to the company’s financials, its insurance aggregation services accounted for 53% of total revenue of Rs 3.67 crore in Q3FY22, compared to 65% of total revenue of Rs 2.12 crore in the same period last year.
Yashish Dahiya, Chairman and Group CEO of PB Fintech, said: “Scale is critical to success in any market. Our current ARR (annual recurring revenue) is over Rs 8,000 crore, a 60% year-on-year increase. Our existing business Profit margins remain at 40%.”
According to him, while the ARR of renewals revenue is over Rs 2.1 crore, the 90% margin on renewals will be the biggest driver of the company’s long-term profitability.
Alok Bansal, Executive Director and Group Chief Financial Officer added: “Policybazaar premiums have grown 45 times over the past 8 years and Paisabazaar’s loan disbursements have grown 46 times over the past 7 years. Given the country’s low insurance and credit penetration and With increased digitalization, we are confident about future growth and profitability prospects.”
Complete News Source : Business Standard
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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