ICICI Prudential Shares Dip Nearly 3% Following Earnings Announcement

Shares of ICICI Prudential on Wednesday ended nearly 3 per cent lower after the company reported a 26 per cent drop in net profit for the March quarter.

The stock declined 2.71 per cent to settle at Rs 577 apiece on the BSE. During the day, it tanked 6.73 per cent to Rs 553.15.

On the NSE, it went lower by 2.66 per cent to Rs 578 per share. During the day, it dropped 6.24 per cent to Rs 556.75.

The company's market valuation dipped by Rs 2,311.57 crore to Rs 83,131.37 crore.

ICICI Prudential on Tuesday reported a 26 per cent drop in net profit to Rs 174 crore for the quarter ended March 31 on higher expenses.

The private sector insurer had a profit of Rs 235 crore in the fourth quarter of 2022-23.

The insurer's net premium income rose 17 per cent to Rs 14,788 crore in the March quarter compared to Rs 12,629 crore in the year-ago period.

The company's expenses of management rose 10 per cent to Rs 2,550 crore in the fourth quarter of FY24, from Rs 2,320 crore at the end of the March quarter of 2022-23.

For the full 2023-24 fiscal, ICICI Pru's net profit rose 5 per cent to Rs 852 crore. In the 2022-23 fiscal, the net profit was Rs 811 crore.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)