PB Fintech shares surged by 7% to a fresh 52-week high on June 26, 2023. This increase was driven by the business growth plans revealed during the company’s first virtual meeting with analysts.
The management of PB Fintech announced that they are aiming to achieve adjusted EBITDA breakeven in the fourth quarter of FY23, which is earlier than originally anticipated. They also expressed confidence in achieving profitability in FY24.
In the June quarter of FY23, PB Fintech witnessed a significant year-on-year revenue growth of 112%, amounting to Rs 505.19 crore. The insurance premium also saw a 52% YoY increase at Rs 2,430 crore, while credit disbursal experienced a remarkable 136% YoY growth.
The company’s management highlighted robust growth in all business segments, including insurance, credit, and wealth management. PB Fintech is actively expanding its presence in new markets, particularly in tier-II and tier-III cities.
The strong performance of PB Fintech’s stock reflects positive investor sentiment towards the Indian fintech’s sector. It indicates that investors are optimistic about the sector’s growth prospects.
S&P Forecasts India to Grow at 6% in FY24, Driven by Domestic Demand
