Go Digit shares jump 10% as recently listed firm announces strong quarterly results

Shares of Go Digit General Insurance Ltd (Go Digit) surged more than 10 per cent during the early trading session on Wednesday after the company reported a strong set of numbers in its first ever quarterly results. The company recently made its debut at Dalal Street.
 

Go Digit reported a net profit of Rs 53 crore for the quarter ended March 31, 2024, which was up 104 per cent from Rs 26 crore reported by the company in the year-ago period. The gross written premium for the reported quarter stood at Rs 2,336 crore up from Rs 1,955 crore reported in Q4FY23, rising 19 per cent on a year-on-year (YoY) basis.
 

Following the results, shares of Go Digit General Insurance surged more than 10 per cent to Rs 372.35 on Wednesday, commanding a total market capitalization close to Rs 35,000 crore. The scrip had settled at Rs 338.35 in the previous trading session on Tuesday.
 

Go Digit General Insurance was listed at the bourses on May 23, 2024, when the company raised a total of Rs 2,614.65 crore via IPO, offering its shares for Rs 272 apiece. The stock has gained about 38 per cent over its given issue price so far.
 

Go Digit's net profit stood at Rs 182 crore for the full financial year 2023-24 versus Rs 36 crore in FY 2022-23, which is a 405 per cent jump. The gross written premium for the full financial year stood at 9,016 crore, rising 24.5 per cent on a YoY basis from Rs 72,43 crore in the year ago period.
 

The premium retention ratio for the reported quarter stood at 89.9 per cent, while it came in at 85.8 per cent for the entire FY24. As on March 31, 2024, its asset under management (AUM) stood at Rs 15,764 crore, compared to Rs 12,668 crore as on March 31, 2023, up 24.4 per cent YoY.
 

Incorporated in December 2016, Go Digit General Insurance is an insurance provider offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which customers can customize to meet their needs.