Shares of Policybazaar’s parent company PB Fintech hit a more than five-month high of Rs 559, rising 7% on the BSE in heavy volume in intraday trade on Friday. The fintech company’s shares are trading at their highest level since September 13, 2022.

Policybazaar shares quoted higher for the fifth day, surging 15%. In contrast, the S&P BSE Sensex fell 2%. The stock has surged 30% so far in February on expectations that the company will report a positive profit after tax (PAT) and generate a positive cash flow of around Rs 400 crore in FY24. Meanwhile, the stock has gained 39% from Rs 402 since February 1.

Policybazaar and Paisabazaar, collectively classified as existing businesses, are the company’s largest marketplace for insurance and credit products. These account for nearly all the company’s revenue through fiscal 2021. In FY22, the company expanded into new territories and geographies.

PB Fintech’s revenue in the first nine months of FY23 (April to December) was 5.2 times that of the same period in 2019 four years ago, with a year-on-year increase of 91%. The existing business has now been profitable for four consecutive quarters.

In the quarter that ended December (Q3FY23), the company’s revenue rose to Rs 610 crore, up 66% year-on-year, while PAT losses have narrowed to slightly less than a third of the previous figure of Rs 298 crore, they came down to around Rs 87 crore for the quarter.