ICICI Lombard General Insurance Company Ltd. reported a 39% uptick in its net profit on a sequential basis for the first quarter of this financial year, beating street expectations.
The insurance services company reported a bottom line of Rs 580.4 crore in the quarter ended June, compared with Rs 390.4 crore in the previous quarter, according to its stock exchange notification. This compares with the Rs 519.9-crore analysts' estimate tracked by Bloomberg.
The company's revenue advanced 16% year-on-year at Rs 5,352 crore, as compared to Rs 4,540 crore in fiscal 2024.
Additionally, the company announced the appointment of Rajiv Kumar as an Additional Director of the company for a period of five years, and approved the tenure of Amit Kushwaha as Chief Compliance Office of the company for another three-year term.
The scrip closed 1.24% lower at Rs 1,886.95 apiece, compared with a 1.09% decline in the NSE Nifty 50. It has risen 51.56% on a year-to-date basis and 37.69% in the last 12 months, according to Bloomberg data.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
