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 Rs 38.05 crore ($4.58 million) for the quarter ended Dec. 31, against a loss of Rs 87.3 crore 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 Rs 871 crore 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 Rs 593 crore 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 1per cent higher ahead of its results.
They had surged 77 per cent in 2023, while Paytm had gained 20 per cent.
First Published: Jan 30 2024 | 6:35 PM IST