LIC to announce its Q1 results on August 10

economictimes.indiatimes.com:

LIC) will announce its first-quarter results on August 10. «A meeting of the Board of Directors of the Corporation is scheduled to be held on August 10 to consider and approve the Unaudited Financial Results (standalone and consolidated) for the quarter ended on June 2023,» the company said in a filing. The shares of LIC have risen over 6% in the last six months but were down 9% on a year-to-date basis.

According to Trendlyne data, LIC has an average target price of Rs 822 and the consensus estimate represents an upside of 28% from the current levels. In the recent March quarter, the company reported multifold growth in net profit at Rs 13,428 crore. Net premium income fell 8% to Rs 1.31 lakh crore during the March quarter, compared with Rs 1.43 lakh crore in the corresponding quarter of the previous year.

LIC's first-year premium during the reporting quarter stood at Rs 12,811 crore, down 12% from Rs 14,614 crore in the year-ago quarter. Meanwhile, Income from investments rose marginally to Rs 67,846 crore for the January-March period versus Rs 67498 crore in the same period last year. LIC, which is also India's largest domestic investor, has increased stakes across sectors like metals, chemicals, IT, consumption, and energy in the June quarter.

LIC ownership went up in at least 40 stocks and trimmed holdings in 75 other counters. Its stake rose 409 bps in fertilizer-maker Kothari Industrial Corporation, 301 bps in Tata Chemicals, 240 bps in SAIL, 173 bps in Bata India, and 164 bps in IEX. Sat Pal Bhanoo has recently been appointed as the Managing Director of the Corporation.