- Insurance
- 1 min read
India's Policybazaar parent reports quarterly profit on insurance boost
PB-FINTECH-India's Policybazaar parent reports quarterly profit on insurance boostBENGALURU - 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 605.9 million rupees ($7.3 million) for the quarter ended March 31, against a net loss of 89.5 million rupees 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 10.9 billion rupees, as revenue from its largest segment, insurance broking, more than doubled.
In the March quarter, its advertising and promotion expenses fell nearly 48% from a year earlier to 2.38 billion rupees.
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 140 billion rupees as at March-end, down from 150 billion rupees a year earlier.
PB Fintech's shares ended 3.1% lower ahead of the results.
($1 = 83.4884 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
COMMENTS
All Comments
By commenting, you agree to the Prohibited Content Policy
PostBy commenting, you agree to the Prohibited Content Policy
PostFind this Comment Offensive?
Choose your reason below and click on the submit button. This will alert our moderators to take actions