Policybazaar’s parent company reported a consolidated net profit of INR 50.98 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25), compared to a loss of INR 21.11 Cr in the previous year .
For the day, over 33.35 Lakh shares of PB Fintech changed hands and the company’s market capitalization stood at INR 75,864.77 Cr (approximately $899.87 million).
Pertinently, Morgan Stanley also maintained its equal weight rating on PB Fintech, setting a target price (TP) of INR 1,375.
Shares of PB Fintech jumped 3.2% during today’s (November 6) intraday session to reach 1,694.30 INR each on the BSE after the company reported its fourth consecutive quarterly profit.
Parent of Policybazaar published a consolidated net profit of INR 50.98 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25) compared to a loss of INR 21.11 Cr in the year-ago period.
For the day, over 33.35 Lakh shares of PB Fintech changed hands and the company’s market capitalization stood at INR 75,864.77 Cr (approximately $899.87 million).
Pertinently, Morgan Stanley also maintained its equal weight rating on PB Fintech, setting a price target (TP) of INR 1,375. This TP marks a potential decline of 17.3% from PB Fintech’s current closing price of INR 1,663.30 on the BSE.
For the second quarter of FY25, PB Fintech’s operating revenue was INR 1,167.2 Cr, marking a jump of more than 43% on an annual basis (YoY) and 15% on a quarterly basis.
The quarter’s revenue increase was driven by consistent revenue growth and margin improvement with the core online business, which includes Politics Bazaar
and Paisabazaar, contributing INR 767 Cr (up 28% YoY) to the group’s operating revenue.
Last month, a global brokerage Jefferies reaffirmed its “buy” call on PB Fintech with a price target of INR 1,800.
In addition to the good results, a lot has been happening in the company lately. PB Fintech Group Chairman and CEO Yashish Dahiya said in September that the company was considering a one-time investment of $100 million for a 30% stake in a new healthcare company. Following this, the brokerage firm Bernstein was cautious about plans related to its venture into the healthcare sector.
During the same month of September, it allocated 75,760 equity shares to eligible employees under its Employee Stock Option Plan (ESOP).
In August, Chinese tech giant Tencent sold 97 Lakh shares of PB Fintech via several open market transactions for a cumulative sum of INR 1,668.1 Cr.