Go Digit shares rally 10% after reporting Q4 PAT soars 104% YoY
Go Digit General Insurance shares surged 10% to a record high of Rs 372.35 after reporting robust Q4 results. PAT soared 104% YoY to Rs 53 crore. Q4 gross written premium rose nearly 19% YoY to Rs 2,336 crore. FY net profit jumped 405% to Rs 182 crore, with gross written premium up 24.5% YoY to Rs 9,016 crore.
Shares of advanced 10% to its new all-time high of Rs 372.35 in the early trade on Wednesday after the company reported a Q4 profit after tax (PAT) of Rs 53 crore, a 104% jump on a year-on-year (YoY) basis.The gross written premium for the reported quarter for stood at Rs 2,336 crore, up from Rs 1,955 crore reported in Q4FY23. This is a nearly 19% jump on a YoY basis.
For the full financial year, the net profit stood at Rs 182 crore versus Rs 36 crore in FY23, a 405% jump. Meanwhile, the gross written premium for the full financial year stood at 9,016 crore versus Rs 7,243 crore in FY23. The company achieved a growth of 24.5% on a YoY basis.
As of March 31, 2024, its assets under management (AUM) stood at Rs 15,764 crore, compared to Rs 12,668 crore as of March 31, 2023, a 24.4% growth.
Go Digit recently got listed on the exchanges in May at a 5% gain over the issue price of Rs 272. Analysts had said Go Digit's position as the fastest-growing private non-life insurer by GWP in India positions it for continued success in the dynamic insurance market. The company's advanced technology platform and focus on innovation bode well for its future.
Go Digit is a digital full-stack insurance company offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.
Since the stock’s listing, it has gained 31% from its low of Rs 280.
Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.
Source: Stocks-Markets-Economic Times
