Go Digit Shares Jump 8% Intraday On Robust Q1 Results

SUMMARY

After rising 8% during the intraday trading session, the stock gave up some of the gains to end the session 3% higher at INR 345.25 on the BSE

Go Digit reported a 74% surge in its net profit to INR 101 Cr in Q1 FY25 from INR 58 Cr in the year-ago quarter

Gross written premium stood at INR 2,660 Cr in Q1 FY25, up 22.2% from INR 2,178 Cr in the corresponding quarter of the previous fiscal year

Shares of Go Digit General Insurance rallied over 8% to touch INR 362.25 apiece during the intraday trading session on the BSE on Friday (June 26) after the unicorn reported robust financial performance for the first quarter of the financial year 2024-25 (Q1 FY25).

However, the shares shed some of the gains to end today’s session 3% higher at INR 345.25 on the BSE.

On Thursday, Go Digit reported a 74% surge in its net profit to INR 101 Cr in Q1 FY25 from INR 58 Cr in the year-ago quarter.

The startup clocked a total gross written premium (GWP) of INR 2,660 Cr in Q1 FY25, up 22.2% from INR 2,178 Cr in the corresponding quarter of the previous fiscal year.

The company attributed the rise to the growth in third-party motor, health, travel, and personal accident premiums.

The insurtech startup’s total income, including net earned premium, income from investments, and other income, rose more than 24% YoY to INR 2,076 Cr in Q1 FY25.

Go Digit’s net earned premium grew to INR 1,824 Cr during the period under review from INR 1,475 Cr in the year-ago quarter.

Founded in 2017 by Kamesh Goyal, Go Digit leverages technology to offer insurance policies across verticals such as health, motor vehicle, travel, and property. The startup counts Fairfax, Peak XV Partners and A91 Partners among its backers.

The insurtech startup made a lukewarm stock market debut earlier this year, with its shares listing at a premium of 5% to the issue price on the NSE.

Following its listing, on June 11, Go Digit posted over a 400% jump PAT to INR 182 Cr in FY24 from INR 36 Cr in FY23.

At INR 345.25, the stock’s last closing price was 18.6% above the listing price of INR 281 on the BSE and 21.2% higher than the issue price of INR 272.

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