PB Fintech Shares Surge on Block Deal, Turns Profitable with Record Q3 Results

1 Feb 2024 , 12:23 PM

PB Fintech shares surged over 2% to hit a new 52-week high of Rs 1048 in early trade on February 1.

PB Fintech, the parent company of Policybazaar, achieved its first-ever profit in the December quarter, reporting a profit after tax of Rs 37 crore. This turnaround was supported by substantial growth in insurance premiums, improved renewals, and better contributing margins.

At the time of writing, PB Fintech shares were trading at Rs 995.95, reflecting a 20.24% dip on the NSE compared to the previous session’s close.

The company witnessed a 43% growth in operating revenue, reaching Rs 871 crore for the December quarter, up from Rs 610 crore in the same quarter last fiscal year.

Despite positive results, shares ended marginally higher at 1.12% on January 30 after the announcement.

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