LIC Q4 net profit surges over 5-fold to ₹13,191 cr
The Hindu
Insurance behemoth LIC on Wednesday posted a more than five-fold jump in consolidated net profit to ₹13,191 crore for the fourth quarter ended March 2023.
Insurance behemoth LIC on Wednesday posted a more than five-fold jump in consolidated net profit to ₹13,191 crore for the fourth quarter ended March 2023.
The insurer had earned a profit of ₹2,409 crore in the same quarter a year earlier.
However, the total income of the insurer during the March quarter declined to ₹2,01,022 crore from ₹2,15,487 crore in the same period of the previous fiscal, LIC said in a regulatory filing.
LIC's income from first-year premium also came down to ₹12,852 crore against ₹14,663 crore in the same quarter previous fiscal.
The income from renewal premiums in the reporting period rose to ₹76,328 crore compared to ₹71,473 crore a year ago, while the single premium decreased to ₹43,252 crore from ₹58,251 crore.
For the entire financial year 2022-23, LIC registered a multi-fold rise in net profit to ₹35,997 crore from ₹4,125 crore in the preceding financial year.
The surge in annual profit for FY23 was helped by a jump in the second quarter bottomline to ₹15,952 crore. It was due to a transfer of ₹15.03 lakh crore to shareholders' accounts at the end of September.
Adani Ports and Special Economic Zone Ltd. (APSEZ) said it had entered into a definitive agreement to purchase the 56% stake of the Shapoorji Pallonji Group and 39% stake of Orissa Stevedores Ltd. (OSL) in Gopalpur Port Ltd. (GPL). According to the Shapoorji Pallonji Group, the acquisition is being made at an enterprise value of ₹3,350 crore.
Adani Ports and Special Economic Zone Ltd. (APSEZ) said it had entered into a definitive agreement to purchase the 56% stake of the Shapoorji Pallonji Group and 39% stake of Orissa Stevedores Ltd. (OSL) in Gopalpur Port Ltd. (GPL). According to the Shapoorji Pallonji Group, the acquisition is being made at an enterprise value of ₹3,350 crore.