Policybazaar Celebrates Milestone with First-Ever Profit, Stocks Surge to Record High

In a major breakthrough, PB Fintech, the insurance aggregator, made headlines by achieving its first-ever profit, propelling its stock to a fresh 52-week high of Rs 1,039.90 on the NSE on Wednesday. The stock witnessed an impressive surge of over 14% in the opening trade.

Adding to the positive momentum were target price upgrades for Policybazaar shares by prominent brokerages. Bank of America (BofA) raised the target while maintaining a neutral rating. Kotak Institutional Equities expressed confidence in the company’s broad-based growth story, maintaining a buy view despite challenges in specific segments. Nuvama raised the price target, though it retained a ‘reduce’ rating, citing concerns about the stock’s rich valuations.

PB Fintech’s stellar performance for the quarter ended December 2023 contributed to this stock market enthusiasm. The company reported a consolidated net profit of Rs 38 crore, a significant turnaround from the Rs 87.3 crore loss reported a year ago and the approximately Rs 20 crore loss in the previous quarter. The revenue from operations saw a robust 43% year-on-year increase, reaching Rs 871 crore.

Investors and market analysts are optimistic about Policybazaar’s future prospects, underscoring its resilience and ability to navigate challenges, as reflected in the stock’s impressive ascent and favorable reviews from brokerage houses.