After a drop in share price in the morning hours of trading, PB Fintech gained momentum later in the day
PB Fintech shares were trading at INR 1245.80 at 11:36 AM, as compared to previous close at INR 1243.35
The company posted a consolidated net profit of INR 60.2 Cr in the March quarter
Shares of PB Fintech, the parent company of insurance tech platform PolicyBazaar
declined over 6% to INR 1160.45 a piece on Wednesday (May 8) before climbing back up to the previous close. This despite posting the company reporting a net profit of INR 60.2 Cr in the March quarter as compared to losses in the year-ago period.
After the drop in the morning sessions, PB Fintech shares gained momentum towards the afternoon. The stock was trading at INR 1241.75 per share at 12:15 PM, as compared to previous close at INR 1243.35 per share.
The Policybazaar and Paisabazaar parent posted a consolidated net profit of INR 60.2 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) as against a loss of INR 9.3 Cr in the previous year’s quarter.
The company turned profitable in the prior quarter – Q3 FY24. On a quarter-on-quarter (QoQ) basis, PB Fintech’s profit jumped almost 62% in Q4 from INR 37.2 Cr posted in Q3. Operating revenue saw over a 25% rise on both QoQ and YoY basis to INR 1,089.6 Cr in Q4 FY24.
“Our consistent efforts to improve customer service and claims support are paying off with multiple heartening customer messages and continue to be reflected by a CSAT (customer satisfaction score) of 89% for Q4 FY24,” said PB Fintech during its Q4 earnings announcement.
Meanwhile, PB Fintech is planning to incorporate a new wholly-owned subsidiary to enter the payment aggregator business.
The company said earlier that the new entity, called PB Pay, will “carry on” the business of payment aggregation. PB Fintech said that the new entity will apply for the payment aggregator licence with the Reserve Bank of India (RBI) once it is incorporated.
Last week, the company also received board approval to divest stakes in at least two subsidiaries and pick up shareholding in UAE-based insurance broker.
It received board nod to acquire 100% stake in UAE-based Genesis Group owned by PB Fintech CEO Yashish Dahiya via YD Holdings) through the insurtech’s full-owned subsidiary Icall Support Services. The deal was pegged at INR 8.8 Cr, as per the filings.
