Shares of PB Fintech surged more than 7.33 per cent to Rs 1,400, hitting its new 52-week high and commanding a total market capitalization of more than Rs 63,000 crore.
Policybazaar share price: PB Fintech s first-ever profit catapulted its stock to a fresh 52-week high. Target price upgrades served as the icing on the cake. BofA raised the target, retaining its neutral rating. Kotak Institutional Equities maintained a buy view relying on broad-based growth. Nuvama raised the price target but retained the reduce rating on rich valuations. PB Fintech reported a consolidated net profit of Rs 38 crore, against a loss a year ago. Revenue increased 43% YoY to Rs 871 crore.
PB Fintech, the parent company of Policybazaar and Paisabazaar, reported a net profit of ₹37 crore in Q3FY24, a significant improvement from the net loss of ₹87 crore in the same period last year. The company s revenue from operations also increased by 43% YoY to ₹871 crore in Q3.