PB Fintech, the umbrella organization encompassing Policybazaar and Paisabazaar, has recently allocated 4,830,740 new shares under its Employee Stock Option Plan (ESOP), marking a significant move towards empowering its workforce.
According to the stock exchange filing, these newly issued shares, each with a face value of INR 2, were granted under the PB Fintech Employees Stock Option Plan 2021 to eligible members. Although the exact number of beneficiaries wasn’t disclosed, this allocation underscores PB Fintech’s commitment to incentivizing and rewarding its employees for their contributions.
With the issuance of these new shares, the total number of shares has surged from 45,120,346 to 45,60,34,204, reflecting the company’s expansion and its dedication to fostering a culture of ownership and collaboration among its workforce.
The positive momentum in PB Fintech’s stocks, which surged nearly 9% on Friday, can be attributed partly to MSCI’s quarterly rebalancing. PB Fintech stocks were added to the MSCI Global Standard Index during this adjustment, effective May 31, 2024. This inclusion further solidifies PB Fintech’s position in the global investment landscape and underscores investor confidence in the company’s growth trajectory.
PB Fintech’s recent stock surge also mirrors its robust business performance, particularly driven by the commendable growth of its insurtech major, Policybazaar. In its Q4 FY24 earnings report, the company posted a consolidated net profit of INR 60.2 crore, a significant improvement from the INR 9.3 crore loss recorded in the same quarter of the previous year. Sequentially, the profit surged 62% from INR 37.2 crore in the preceding quarter. This marked profitability since Q3 of FY24 reflects PB Fintech’s resilience and strategic prowess in navigating evolving market dynamics.
Moreover, PB Fintech witnessed a 25% year-on-year (YoY) increase in operating revenue, reaching INR 1,089.6 crore in Q4 FY24, compared to INR 869.1 crore in the corresponding period last year. The company’s relentless focus on enhancing customer service and claims support is evident in its impressive customer satisfaction score (CSAT) of 89% for Q4 FY24, reinforcing its commitment to delivering exceptional service experiences.
Amidst these developments, PB Fintech is actively pursuing strategic initiatives to expand its foothold and diversify its business portfolio. In May, the company received approval to divest stakes in two subsidiaries and acquire shareholding in a UAE-based insurance broker. Additionally, it is gearing up to venture into the payment aggregation business by establishing a new wholly-owned subsidiary, signaling its forward-looking approach and commitment to driving sustainable growth.
As PB Fintech continues on its growth trajectory, fueled by innovation, strategic investments, and a customer-centric approach, it remains well-positioned to capitalize on emerging opportunities and redefine the landscape of digital financial services in India and beyond.
