PB Fintech shares rise 1% as subsidiary forays into healthcare
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Shares of PB Fintech remained in focus today as the company entered into healthcare services with the launch of a wholly owned subsidiary, PB Healthcare.
The company’s shares opened at ₹1,940 on Wednesday, up by 1% from the previous close of ₹1,926.25 on the NSE. The stock briefly touched a high of ₹1,944.25 in the morning trade, before slipping to ₹1,925.10, down 0.06% from Tuesday's close at 9:38 AM.
In an exchange filing last evening, the board approved the incorporation of the subsidiary, which will now be subject to necessary approvals from the Ministry of Corporate Affairs and the Registrar of Companies.
PB Fintech along with its nominees will initially subscribe to 50,000 equity shares of the new subsidiary at a face value of ₹10 each, amounting to ₹5 lakh, giving 100% ownership to the former. This suggests that the subsidiary may raise its own capital in the future, potentially adopting a different shareholding structure from its parent.
In September, reports of Policybazaar's healthcare foray raised concerns among investors, prompting the company to clarify its position. The parent firm’s management had hinted towards the company’s foray into healthcare foray, emphasising its strategic alignment with Policybazaar's growth, while refuting the speculation that the decision would be taken only to drive financial returns.
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During its September earnings call, the company highlighted that such a foray would act as an enabler not just for Policybazaar but also for the insurance industry, improving the experience for customers and driving higher insurance penetration.
In its second quarter, the company reported a net profit of ₹50.98 crore, rebounding from a loss of ₹21.11 crore in the same quarter last year, though down 15% from ₹59.98 crore in Q1. Revenue from its insurance and broker services surged 58.1% year-on-year to ₹998.76 crore, while revenue from other services, including financial product commissions and online marketing, dropped 6.3% to ₹168.47 crore.