Stocks in News: ICICI Lombard Q2FY23 net income up 32%; Tata Communications' net profit grows 25%; HFCL Q2 profit flat

Q2FY23 Results: Several listed companies announced their July to September quarter results on Tuesday. Among them were ICICI Lombard, Tata Communications and HFCL. The stocks of these companies are expected to reamain in action when markets reopen on Wednesday.  

Tax refund boosts ICICI Lombard Q2 net by 32 pc to Rs 591 cr

Private sector non-life player ICICI Lombard General Insurance on Tuesday reported a 32.2 per cent growth in net profit at Rs 591 crore for the September quarter, boosted by a tax reversal of Rs 128 crore.

The ICICI Bank group company said excluding this tax reversal, net income inched up by 3.4 per cent. In the year-ago quarter, the company had booked a net income of Rs 447 crore.

Gross direct premium income grew 17.2 per cent to Rs 5,185 crore in the reporting quarter from Rs 4,424 crore a year ago, the company said in a statement.

During the reporting period, the company booked lower investment income at Rs 111 crore, down from Rs 144 crore on-year.

Solvency ratio was 2.47x in September as against 2.61x in June and 2.46x in March 2022, as against the minimum regulatory requirement of 1.50x.

The board has declared an interim dividend of Rs 4.50 per share for the first half of the fiscal.

The ICICI Lombard counter closed 1.5 per cent up at Rs 1,149.10 on the BSE whose benchmark gauge Sensex rose 0.94 per cent, closing higher for the third straight day.

HFCL Q2 profit flat at Rs 84.31 cr

Domestic telecom gear maker HFCL's consolidated net profit remained flat at Rs 84.31 crore for the quarter ended September 30, 2022, as per a filing.

The company had posted a net profit of Rs 85.94 crore in the same period a year ago.

The consolidated revenue from operations declined by about 6 per cent to Rs 1,051 crore compared to Rs 1,122 crore in the September 2021 quarter, it added.

Tata Communications' net profit grows 25 per cent to Rs 532 crore in July-September

Tata Communications on Tuesday reported a 25 per cent increase in its consolidated net profit at Rs 532.29 crore in the July-September quarter of the current financial year.

The company had recorded a net profit of Rs 425.38 crore in the same period a year ago, according to a regulatory filing.

Tata Communications' consolidated income from operations grew by about 6 per cent to Rs 4,430.74 crore during the reported quarter compared to Rs 4,174.02 crore in the year-ago period.

"We are pleased to announce robust data revenue growth and healthy profits in the second quarter of this fiscal. Our international markets are witnessing good growth and our continued efforts of shifting from products to platforms is yielding positive results," said A S Lakshminarayanan, MD and CEO of Tata Communications.

Inputs from PTI