Turtlemint Fintech Solutions Ltd expects to achieve profitability for the fiscal year 2027, despite anticipating some loss-making quarters due to seasonal factors. Dhirendra Mahyavanshi, managing director and CEO of Turtlemint, stated that the company aims to be profit after tax (PAT) positive for the full year, following a loss of approximately ₹184 crore in the previous fiscal year. This outlook comes after the company reported a profit after tax of ₹3 crore for the March quarter, marking its first profitable quarter since its listing.
Quarterly Performance
In its initial quarterly earnings report since going public, Turtlemint reported an adjusted EBITDA of ₹2.9 crore and a revenue from operations of ₹357 crore, reflecting a 42% year-on-year increase. The company's shares debuted on the stock market on June 29 at a discount of over 10% to the issue price. Mahyavanshi noted that the company's profitability was primarily driven by scaling revenues while maintaining stable overhead costs, which have decreased from nearly 50% of revenue in FY23 to around 23%.
Future Outlook
Mahyavanshi acknowledged the seasonal nature of the insurance business, indicating that the second quarter typically outperforms the first, with the strongest performance expected in the fourth quarter. He expressed optimism regarding further margin expansion, stating,
Operating leverage primarily drives profitability.
Turtlemint's positive earnings report may influence investor sentiment in the insurtech sector, particularly among companies that have recently gone public. A sustained focus on profitability could lead to increased investment in similar firms as market participants assess their growth potential.
Watch for Turtlemint's performance in the upcoming quarters to gauge the impact of seasonal trends on its profitability.