ICICI Lombard, the largest private sector general insurer, revealed robust growth figures for the March quarter, marking a notable 18.9% surge in its net profit.
The company's quarterly net profit soared to Rs 520 crore, compared to Rs 437 crore in the corresponding period last year, showcasing steady expansion in its operations.
For the fiscal year 2023-24, ICICI Lombard reported an 11% rise in its profit after tax, amounting to Rs 1,919 crore, up from Rs 1,729 crore in the previous fiscal year.
The Gross Direct Premium Income also witnessed substantial growth, climbing by 22% to reach Rs 6,073 crore for the reporting quarter.
Highlighting its financial stability, ICICI Lombard disclosed a solvency ratio of 2.62 times as of March 31, 2024, compared to 2.57 times on December 31, 2023, and 2.51 times in the previous year.
Meanwhile, Tata Communications, another prominent player in the corporate landscape, disclosed its financial results for the fourth quarter ended March 31, 2024. Despite a marginal decline, the company reported a consolidated profit of Rs 321.55 crore, down from Rs 326.64 crore in the corresponding period last year.
Tata Communications witnessed a robust 24.5% increase in consolidated revenue during the reported quarter, amounting to Rs 5,691.7 crore compared to Rs 4,568.66 crore in the same quarter a year ago.
For the fiscal year ending March 31, 2024, Tata Communications experienced a dip in net profit to Rs 969.58 crore from Rs 1,800.87 crore in the preceding fiscal year.
Nevertheless, the company's annual income from operations surged by 17.5% to Rs 20,968.82 crore in fiscal year 2024, showcasing steady revenue growth.
Tata Communications' board also approved the re-appointment of A S Lakshminarayanan as the managing director and CEO for a second term, effective from November 26, 2024, until April 13, 2026.
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