The general insurance company Digit Insurance’s net loss shrank sharply in 2020-21 (FY21) following solid revenue growth during the year.
The company, owned and operated by Go Digit Infoworks Services Pvt Ltd, reported a consolidated net loss of Rs 58.67 crore for FY21, down from Rs 193 crore loss for FY20 as per filings with the Ministry of Corporate Affairs (MCA).
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The company’s consolidated revenue from operations surged more than 56 per cent to Rs 1,943 crore, taking total consolidated revenue to Rs 2,324 crore.
Digit Insurance’s expenses also rose sharply during FY21. The company reported consolidated total expenses of Rs 2,358 crore for the year against Rs 1,619 crore for FY20, led by a sharp rise in its other expenses, including rent, telephone postage, legal charges, among other heads.
