PB Fintech shares down 5% after co plans foray into healthcare space
Source: Business Standard
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PB Fintech slips in trade: Shares of PB Fintech, which owns and operates PolicyBazaar, dropped up to 5.49 per cent to hit an intraday low of Rs 1,628 per share on Thursday, September 26, 2024.
The stock is trading lower for the fourth day in a row, having dropped 20 per cent during the period. It fell 21 per cent from its 52-week high level of Rs 1,966 that it touched on Friday, September 20.
While clarifying the same, PB Fintech, via an exchange filing said, “We believe if claims were a quicker and smoother experience it would increase the number of people buying health insurance. It would be much better if interests were aligned between insurers and Hospitals to give customers amazing claims experience and we believe that would grow insurance penetration.”
The company further said, “We continue to explore, but have no decisions to update at the moment. A decision if and when arrived will be informed to the stock exchanges.”
Q1FY25 financial performance
PB Fintech reported a consolidated net profit of Rs 60 crore for the June quarter of FY25 (Q1 FY25), marking a major turnaround from a loss of Rs 11.4 crore in the same quarter last year (Q1 FY24). This also marked the company’s third consecutive profitable quarter.
Revenue surged 52 per cent year-over-year, to Rs 1,010 crore in Q1 FY25, up from Rs 666 crore in Q1FY24.
The adjusted Ebitda margin also saw notable improvement, climbing from -31 per cent in Q1FY24 to 12 per cent in Q1FY25.
However, the company’s credit business experienced some moderation during the quarter, with disbursals totaling Rs 3,140 crore compared to Rs 3,542 crore in the previous year. Additionally, the number of credit cards issued on behalf of banks decreased to 1.3 lakh from 1.4 lakh in the same period last year.
PB Fintech Ltd, commonly referred to as PolicyBazaar, is India’s leading online platform for insurance and lending products. Through its flagship brands, PolicyBazaar and PaisaBazaar, the company offers easy access to a wide range of insurance, credit, and other financial solutions.
At 9:41 AM, shares of PB Fintech were trading 5.09 per cent lower at Rs 1,634.95 per share. In comparison, BSE Sensex was trading 0.15 per cent higher at 85,293.55 levels.
First Published: Sep 26 2024 | 9:44 AM IST
