Q3 Results Today: ICICI Prudential, Tata Investment, Tata Metaliks, ICICI Lombard, declare December quarter results - Highlights

Q3 Results Today: Several listed companies announced their quarterly earnings on Tuesday. Among them were ICICI Prudential Life, Tata Investment Corporation Ltd, Metro Brands, Newgen Software and Tata Metaliks. Here are top highlights of the results.  

ICICI Prudential Life Q3 Results: Profit dips 29% to Rs 221 crore

ICICI Prudential Life Insurance on Tuesday reported a 29 per cent decline in its profit at Rs 221 crore for the third quarter ended December 2022.

The company had posted a profit of Rs 311 crore in the same quarter a year ago.

During the third quarter of this fiscal the net premium income increased to Rs 9,465 crore as against Rs 9,074 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing.

The assets under management of the company stood at Rs 2,51,884 crore, it said, adding, the company had a debt-equity mix of 54:46 as on December 31, 2022.

The company's net worth was Rs 10,092 crore on December 31, 2022 while the solvency ratio was 212.2 per cent against the regulatory requirement of 150 per cent. 

Tata Investment Corp Q3 Results: PAT drops 12.5% to Rs 35 crore

Tata Investment Corporation Ltd on Tuesday reported a 12.55 per cent decline in consolidated profit after tax at Rs 34.74 crore for the third quarter ended December 31, 2022.

The company had posted a consolidated profit after tax (PAT) of Rs 39.73 crore in the same quarter last fiscal, Tata Investment Corporation Ltd said in a regulatory filing.

Consolidated total income during the quarter under review stood at Rs 37.69 crore as against Rs 50.97 crore in the year-ago period.

The firm, which is a systemically important non-banking financial company and has no activities other than those of an investment entity, said its total expenses during the third quarter stood at Rs 9.45 crore as compared to Rs 6.01 crore in the same period of the last fiscal.

Metro Brands Q3 Results: Net up 11.2% to Rs 113 crore

Footwear retail chain Metro Brands Ltd has reported an increase of 11.19 per cent in consolidated net profit at Rs 112.99 crore for the third quarter ended December 2022.

The company had posted a net profit of Rs 101.61 crore during the October-December quarter of the previous fiscal, Metro Brands Ltd (MBL), earlier known as Metro Shoes, said in a regulatory filing.

Its revenue from operations was up 23.75 per cent at Rs 598.71 crore during the quarter under review as against Rs 483.77 crore in the corresponding period of the previous fiscal.

MBL's total expenses were at Rs 461.23 crore in Q3 FY 2022-23.

As of December 31, 2022, the company operated 720 stores across 164 cities in India.

Shares of Metro Brands Ltd on Tuesday settled at Rs 844.40 on BSE, down 0.33 per cent from previous close.

ICICI Lombard Q3 Results: Net profit rises 11% to Rs 353 crore

Leading general insurer ICICI Lombard on Tuesday reported an 11 percent growth in net income at Rs 353 crore in the three months ended December boosted by capital gains of Rs 152 crore and higher sales.

The company's gross direct premium income for the quarter rose 16.9 per cent, lower than the industry growth of 18.1 per cent, at Rs 5,493 crore. In the year-ago period, the same stood at Rs 4,699 crore.

Excluding crop segment, the gross direct premium income growth was 17.1 per cent, which is higher than the industry growth of 16.6 per cent, the company said in a statement.

The combined ratio, a key profitability matrix, improved to 104.4 from 104.5 on-year, it added.

The ICICI group company booked Rs 152 crore from its market investments in the latest December quarter, up from Rs 131 crore a year ago, boosting its bottom line.

Its solvency ratio was 2.45x as against 2.47x as of September 2022 and 2.46x in March 2022.

ICICI Lombard is a leader in motor insurance apart from health, crop, fire, personal accident, marine, engineering, and liability insurance. The company has issued over 29.3 million policies, settled 2.3 million claims and has a gross written premium of Rs 18,562 crore as of March 2022.

Ahead of the earnings announcement, the ICICI Lombard counter closed flat at Rs 1,250.15 on the BSE, whose benchmark Sensex rallied almost 1 percent.

Tata Metaliks Q3 Results: Net profit falls 73 pc to Rs 9.48 crore

Tata Metaliks Ltd (TML) on Tuesday reported a sharp fall of 73 per cent in its December quarter net profit at Rs 9.48 crore, on account of increased expenses.

The company had posted a Rs 35.65 crore net profit in the year-ago period, according to a statement.

Its total income rose to Rs 792.43 crore from Rs 693.12 crore during the October-December period of the previous year.

Total expenses increased to Rs 780.18 crore as against Rs 642.83 crore a year ago.

In a separate statement, Alok Krishna, Managing Director of Tata Metaliks, said: "Pig Iron business was adversely affected by weak health of one of the blast furnaces which had frequent shutdowns and increased costs. The blast furnace has been repaired in early December 2022."

The new Ductile Iron (DI) pipe plant has been ramping up well with volumes increasing quarter-on-quarter and higher volumes are expected to come from it in the fourth quarter.

A subsidiary of Tata Steel, Tata Metaliks produces pig iron and ductile iron pipes. Its annual hot metal production capacity is 5 lakh tonnes, out of which 2 lakh tonnes is converted into DI pipes and 3 lakh tonnes into pig iron.

Newgen Software Q3 Results: Net profit grows marginally to Rs 48.2 crore

IT company Newgen Software Technologies on Tuesday reported an almost flat growth in its consolidated profit after tax at Rs 48.2 crore in the third quarter ended December 31, 2022.

The company had posted a profit after tax (PAT) of Rs 47.8 crore in the same period a year ago.

The consolidated revenue from opertaions of Newgen Software, however, grew about 26 per cent to Rs 254.91 crore during the reported quarter from Rs 202.5 crore in the December 2021 quarter.

"This is our first quarter with revenues exceeding Rs 250 crore. We witnessed a broad-based growth across all geographies, with overall third quarter revenue growth of 26 per cent year-over-year. India and

EMEA geographies continued to be major growth drivers with revenue growth of 40 and 27 per cent respectively," Newgen Software Chairman and Managing Director Diwakar Nigam said in a statement.