In the morning trade on Thursday, shares of insurance company ICICI Lombard spiked massively as the market reacted to its Q4 earnings. The company revealed that it experienced an 18.9% increase in its net profit for the quarter ended March, taking the figure to Rs 520 crore.
After hours on Wednesday, the company had enlisted its financial results for the quarter ended March 31, 2024, to the stock exchanges. The net profit for the fiscal year 2023-24 was up a much more reasonable 11% to Rs 1,919 crore, compared to the previous year’s Rs 1,729 crore.
Fourth-quarter gross direct premium income was up 22% year-on-year at Rs 6,073 crore while for the complete current fiscal year, GDPI registered a 9.5% increase over the previous one.
The combined ratio improved to 102.2% in the March quarter from 104.2% in the corresponding period last year. For the fiscal year 2023-24, the ratio stood at 103.3.
As of 10 am on Thursday, ICICI Lombard shares were trading 4.67% higher at ₹1,725.60.