Shares of PB Fintech, the parent company of Policybazaar, gained 5.6% to Rs 654 in Tuesday’s trade on BSE after the company reported a sharp decline in its losses for the January-March quarter.
The new-age company narrowed its Q4FY23 losses to Rs 8.9 crore as compared to the loss of Rs 220 crore it reported in the same quarter of the last financial year. In the December quarter, the loss stood at Rs 87 crore. Revenue from operations jumped 61% year-on-year (YoY) to Rs 869 crore fo ..
Brokerage firm Morgan Stanley has an ‘overweight’ call on the counter, JM Financial recommended a ‘buy’, Kotak maintained an ‘add’ and Nuvama suggested a ‘hold’ for the stock.
The brokerage estimated that adjusted EBITDA from additional premiums mobilized in the quarter (on account of tax changes) was ~Rs40-50mn, and hence underlying numbers were still better. “Contributions of such business to premiums and revenues were also low,at Rs 470mn (2% of F4Q premiums) and Rs140-150mn, respectively,
Kotak Institutional Equities: Add | Target: Rs 725
After the sharp stock price appreciation, the brokerage revised its rating to ‘add’ from ‘buy’ with an FV of Rs 725 from Rs 700 earlier.
Nuvama: Hold | Target: Rs 550
Nuvama maintained ‘hold’ rating on the stock with an increased DCF-based TP of Rs 595 from Rs 550.
“The stock is trading at FY24E/25E EV/sales of 9.2X/7.4X. With a market share of 90%-plus in online insurance sales and growing offline presence, the company continues to deliver strong sales along with improving profitability,” it said.