PB Fintech posts first quarterly profit since listing on insurance boost
The firm, which had listed over three years ago, had expected to turn profitable, hoping heavy marketing spends would boost sales.
PB Fintech, the parent of online insurance aggregator Policybazaar, reported on Tuesday its first quarterly profit since listing, as growing demand for insurance boosted revenue.
The company, which also operates online credit marketplace Paisabazaar, posted a consolidated net profit of 380.5 million rupees ($4.58 million) for the quarter ended December 31, against a loss of 873 million rupees a year ago.
The firm, which had listed over three years ago, had expected to turn profitable, hoping heavy marketing spends would boost sales.
Revenue from operations rose nearly 43 per cent to 8.71 billion rupees as proceeds from its insurance broker services more-than-doubled.
Revenue from its core online business of Policybazaar and Paisabazaar rose 39 per cent to 5.93 billion rupees.
New premium for health and term insurance business grew 44 per cent, the company said.
While total costs rose nearly 21 per cent, advertising and promotion expenses dipped 28 per cent from a year ago.
Peer digital payments firm Paytm reported a narrower loss in the December quarter.
PB Fintech's shares closed 1 per cent higher ahead of its results. They had surged 77 per cent in 2023, while Paytm had gained 20 per cent.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
11:34 AM IST