The company, which also operates online credit marketplace Paisabazaar, posted a consolidated net profit of Rs 60.59 crore ($7.3 million) for the quarter ended March 31, against a net loss of Rs 8.95 crore a year ago
New Delhi:
India’s PB Fintech, the parent of online insurance aggregator Policybazaar, reported a profit for a second straight quarter on Tuesday, as sales rose in a seasonally-strong quarter amid easing marketing spends.
The company, which also operates online credit marketplace Paisabazaar, posted a consolidated net profit of Rs 60.59 crore ($7.3 million) for the quarter ended March 31, against a net loss of Rs 8.95 crore a year ago.
The January-to-March quarter sees high insurance sales as taxpayers buy policies to avail tax rebates at the financial-year end.
PB Fintech’s revenue from operations rose more than 25% to Rs 1000.9 crore , as revenue from its largest segment, insurance broking, more than doubled.
The company, which reported its first-ever profit in the December-quarter, has been cutting marketing and promotional expenditure in a bid to focus on profitability.
In the March quarter, its advertising and promotion expenses fell nearly 48% from a year earlier to Rs 238 crore .
Meanwhile, its credit business growth slowed following the Indian central bank’s crackdown on unsecured lending.
The annualised credit disbursal run-rate, a gauge projecting loan disbursement for the year, was at Rs 14,000 crore as at March-end, down from Rs15,000 a year earlier.
Reuters