 "Go Digit stock price zooms 10%, hits record high on robust Q4 results")
Go Digit stock zooms: Stock of Go Digit, which listed on bourses last month, rallied as much as 10.04 per cent to hit a fresh 52-week high of Rs 372.35 per share.
The stock debuted on a quiet note on the stock exchanges, BSE and NSE, on May 23, 2024. Go Digit stock listed at Rs 281.10 apiece on the BSE as against an issue price of Rs 272, marking a listing gain of merely 5 per cent.
The uptick in the stock price, however, was due to the strong March quarter of financial year 2024 (Q4FY24) performance by the company.
During Q4 FY24, the company's profit after tax more than doubled, soaring to Rs 53 crore from Rs 26 crore in Q4 FY23.
Moreover, its Gross Written Premium for the quarter stood at Rs 2,336 crore, reflecting a growth of 19.5 per cent compared to the previous year's Q4.
Notably, the Premium Retention Ratio for Q4 FY24 improved to 89.9 per cent from 88.3 per cent in Q4 FY23, while the combined Ratio slightly increased to 108.8 per cent from 102.6 per cent in the same period.
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As of March 31, 2024, Go Digit boasted an asset under management of Rs 15,764 crore, indicating a notable increase from Rs 12,668 crore recorded on March 31, 2023, showcasing a growth rate of 24.4 per cent.
GoDigit is an insurance company, which aims to make insurance simple. The company claims to be one of the leading digital full stack insurance companies, leveraging its technology to power what it believes to be an innovative approach to product design, distribution and customer experience for non-life insurance products.
It also offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customise to meet their needs.
The market capitalisation of the company is Rs 31,661.82 crore, according to Bombay Stock Exchange (BSE).
At 10:48 AM, stocks of Go Digit were trading 2.02 per cent higher at Rs 345.20 per share. By comparison, BSE Sensex was trading 0.71 per cent higher at 76,995.99 levels.