PB Fintech shares on Friday skyrocketed over 8% on Friday continuing its 5-day gaining streak. Shares of the company that operates Policybazaar and Paisabazaar have jumped over 14% in the past 5 sessions.
What Happened: The company’s CEO Yashish Dahiya in an interview with ET said that the fintech company looks to book net profits of ₹1,000 crore in FY27. “A ₹1000 crore PAT in 2027. That is my stated objective as I look at the next four years because we are at the end of 2023 now. So by 2026-2027, we should make a thousand crore profit,” Dahiya said in the interview.
The company reported a loss of ₹87 crore in the December quarter, but revenue saw a jump of 66% YoY to ₹610 crore. Dahiya in the interview also talked about the high cost of acquisition in the insurance business. “If an insurance company tries to use let us say Google to acquire customers its cost of acquisition is upwards of 100%, more than 100%, more than the premium,” he added.
When asked about a share buyback the 50-year-old said that there are no plans as such.
Price Action: Shares of PB Fintech were up 7.33% at ₹559.50 in the early hours of trade on Friday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.