ICICI Prudential Life Receives Notice Of Rs 492.06 Crore From Maharashtra GST Authority
ICICI Prudential Life Insurance Co. on Tuesday received a show cause notice of Rs 492.06 crore for the July 2017 to July 2022 period from Additional Commissioner, CGST and C.Ex, Palghar Commissionerate, Maharashtra.
The notice will have no material impact on the financials of the company, according to an exchange filing on Tuesday. Also, the insurance provider will file an appeal against the order with the Appellate Authority within the given time.
Separately, ICICI Prudential Life reported a 43.2% increase in its net profit for the third quarter of the fiscal year 2024–25. The insurance firm reported a profit of Rs 325 crore for the quarter, up from Rs 227 crore in the same period of the previous fiscal year.
For the nine months ending December 2024, ICICI Prudential recorded a net profit of Rs 803 crore, reflecting an 18.3% year-on-year growth compared to Rs 679 crore in the same period of the previous fiscal year.
Its net premium income for the third quarter rose by 23.49% to Rs 12,261 crore, compared to Rs 9,929 crore in the same quarter last year.
Shares of ICICI Prudential Life closed 0.38% higher at 606.95 apiece on the National Stock Exchange, compared to a 1.62% rise in the benchmark Nifty. The stock has risen by 20.24% in the last 12 months.
Out of 35 analysts tracking the company, 20 maintain a 'buy' rating on the stock, 14 recommend 'hold,' and one suggests 'sell,' according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 21.4%.
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