Go Digit Shares Hit 52-Week High, Soar 10.2% on Stellar Q4 Results

Go Digit General Insurance shares soared 10.2% to ₹372, hitting a 52-week high after reporting a 104% profit increase to ₹53 crore in Q4 FY24, driven by robust financial performance.
Go Digit Shares Hit 52-Week High, Soar 10.2% on Stellar Q4 Results

Go Digit General Insurance Ltd saw its shares surge 10.2% to a 52-week high of ₹372 on the NSE after strong Q4 results. The increase followed the company’s report of a 104% year-on-year profit growth, reaching ₹53 crore for the quarter ending March 31, 2024.

The company, endorsed by cricket star Virat Kohli, noted significant financial improvements, including a 19.5% growth in gross written premium to ₹2,336 crore. Additionally, the retention ratio improved from 88.3% to 89.9%, indicating enhanced customer retention.

Go Digit’s assets under management rose by 24.4% to ₹15,764 crore in the fourth quarter compared to the previous year. However, the combined ratio also increased to 108.8%, up from 102.6%, reflecting higher claims and expenses against earned premiums.

Throughout the 2024 fiscal year, Go Digit’s profit after tax impressively climbed by 405.6% to ₹182 crore. Its gross written premium and net earned premium also saw substantial increases, highlighting a strong year of financial performance.

The company made its stock market debut last month, listing on May 23 at ₹286, a modest 5.14% above its issue price of ₹272. This marked a promising start for Go Digit as a publicly traded entity.

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