Shares of Indian new-age tech firm PB Fintech, the parent of PolicyBazaar and PaisaBazaar, have been on the rise for the past trading eight sessions, delivering a stunning 30% return from Rs 402.45 to Rs 523 a share, propelling shares to a five-month high.

The stock, which has been on a steady decline since reaching a 52-week high of Rs 840 per share in April last year, has continued to fall through 2023, losing 4.41% in market capitalisation last month. However, the stock has gained momentum since February as the company’s performance improved in the December quarter, beating analysts’ expectations.

PB Fintech provides comprehensive online marketing, IT consulting and support services, primarily to the financial services industry, including insurance. PB Fintech operates PolicyBazaar, India’s largest digital insurance marketplace, and PaisaBazaar, which provides services related to loan products.

In the third quarter of FY23, the company’s net loss narrowed to Rs 87 crore compared to Rs 298 crore in the same period last year. The company posted a net loss of Rs 187 crore in the July-September quarter.

Operating income surged to Rs 610 crore in the quarter, up 66.21% from Rs 367 crore in the same period last year. Operating expenses in Q3FY23 also fell to Rs 744 crore from Rs 800 crore in Q2FY23.

Revenues for the first nine months of the fiscal year are up 5.2 times compared to four years ago.

Adjusted EBITDA from the company’s core business was positive at Rs 26 crore for the quarter, beating company expectations.

The company’s credit disbursal increased by 57% year-on-year, and insurance premiums increased by 70%. More than 33 million customers have accessed credit scores on its platform.

According to the company, 75% of cards issued in the October-December quarter were end-to-end (E2E) digital cards, with co-created products such as upgrade cards and duet credit cards growing in popularity.

The firm said its agency aggregation platform, PB Partners, continues to lead the market in terms of operational scale and efficiency. It has the highest percentage of non-auto businesses with 14,300 pin codes in India. In addition, the company’s UAE business grew 167% year-on-year.