India's PB Fintech posts first quarterly profit since listing on insurance boost
BENGALURU (Reuters) - India's 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 Dec. 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% 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% to 5.93 billion rupees.
New premium for health and term insurance business grew 44%, the company said.
While total costs rose nearly 21%, advertising and promotion expenses dipped 28% from a year ago.
Peer digital payments firm Paytm reported a narrower loss in the December quarter.
PB Fintech's shares closed 1% higher ahead of its results. They had surged 77% in 2023, while Paytm had gained 20%.
($1 = 83.0800 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru)
