Shares of PB Fintech Ltd rallied 6% on 19 February after the company’s subsidiary received approval from IRDAI to upgrade its licence.

In its regulatory filing, the company said that its wholly-owned subsidiary has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to upgrade its licence from a direct insurance broker to a composite insurance broker.

The filing added, “This will allow us to deepen the insurance penetration in the country by bringing more technology, process control and data analytics based innovation into reinsurance capacity.”

In its quarterly report for October-December, the company reported a net profit of Rs 37 crore for the quarter from Rs 87 crore net loss reported in the same quarter last year.

The revenue from operations for the quarter stood at Rs 871 crore, marking a 43% year-on-year increase from Rs 610 crore reported in the same quarter of the previous fiscal year.

Furthermore, the company’s credit business under the Paisabazaar brand has witnessed a slow growth in the second half.

At 12:35 pm, the shares of PB Fintech were trading 5.51% higher at Rs 982.65 on NSE.