Shares of ICICI Lombard General Insurance Co. surged over 7% to the highest in over a month on Wednesday after its profit rose 22% in the third quarter.
The general insurer's net profit increased to Rs 431 crore in the quarter ended December, according to an exchange filing on Tuesday. However, it fell short of the Rs 498-crore consensus estimate of analysts tracked by Bloomberg.
ICICI Lombard Q3 FY24 Highlights (YoY)
Revenue up 15% to Rs 5,003 crore.
Operating profit increased 50% to Rs 416 crore.
Margin at 8.31% versus 6.34%.
The combined ratio improved to 103.6% from 104.4%.
The solvency ratio stood at 2.57 times versus 2.45 times.
On the NSE, ICICI Lombard's stock rose as much as 7.41% during the day to Rs 1,476 apiece, the highest since Dec. 4. It was trading 5.82% higher at Rs 1,454.20 apiece compared to a 1.14% decline in the benchmark Nifty 50 at 10:24 a.m.
The share price has risen 16.40% in the last 12 months. The total traded volume so far in the day stood at 25 times its 30-day average. The relative strength index was at 61.13.
Nineteen out of the 27 analysts tracking the company have a 'buy' rating on the stock, five recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 9.8%.
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