Policybazaar parent PB Fintech shares hit record high; stock jumps 151% year-to-date

The stock price jumped 4.65% to hit a record high level. 

Shares of the company rallied as the company's board of directors approved the incorporation of a healthcare subsidiary that will undertake healthcare and allied services. The required approvals will be taken by the entity as and when required.

In its regulatory filing, PB Fintech said its board has approved the incorporation of the wholly owned subsidiary with the proposed name “PB Healthcare Private Limited” or “PB Healthcare Services Private Limited” or any other name as may be approved by the Ministry of Corporate Affairs to carry on the business of healthcare services.

For the quarter ended September 30, 2024 (Q2 FY25), PB Fintech reported a consolidated net profit of ₹ 51 crore, as against a net loss of ₹ 20 crore in the same quarter last year.

Total income for the quarter under review stood at ₹1,273 crore, up 40% over total income of ₹909 crore recorded in the same quarter last year. Total consolidated income for the June 2024 quarter was ₹1,111 crore.

The latest September 2024 quarter is the fourth consecutive quarter in which the company has remained in the black, as per news reports. 

PB Fintech stock performance

Shares of the company have rallied around 139% in the past 12 months and 151% so far in 2024. 

In August this year, Chinese conglomerate Tencent sold a 2.1% stake in PB Fintech for ₹1,668 crore via open market transactions, while SBI Mutual Fund (MF) and Societe Generale (SocGen) picked up stakes in the company.

In June this year, Tencent sold shares of PB Fintech for ₹415 crore. Before that, Tencent offloaded a 1.2% stake in the company for ₹664 crore in May.