ICICI Lombard‘s share price went deep in the red on Wednesday snapping the two straight sessions gaining streak after the company posted its Q4 earnings on Tuesday.
What Happened: The company’s gross direct premium income grew 6.7% to around ₹4977 crore in the quarter ended March. The growth recorded by the company was slower than that of the industry which grew at 16.9%.
The company’s net profits, on the other hand, saw a massive 39.8% jump to ₹437 crore in the March quarter compared to the ₹313 crore profit it booked in the year-ago period.
The company also approved a final dividend of ₹5.50/share. The total dividend payment for the year including the final dividend stand at ₹10/share. The company had announced an interim of ₹4.5/share late last year.
Analysts’ reactions to the results were largely positive. Global brokerage firm CLSA maintained its ‘buy’ rating for the stock with a price target of ₹1,400. Morgan Stanley also has an ‘overweight’ rating for the stock with a target price of ₹1,400. Jefferies also maintained its ‘buy’ rating with a price target of ₹1,560, a slight cut from the earlier target of ₹1,620.
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On the other hand, Macquarie has an ‘underperform’ rating on the stock with a price target of ₹995. JP Morgan gave a ‘neutral’ rating on the stock cutting the price target to ₹1,160 from ₹1,250.
Price Action: ICICI Lombard share price was up % to trade at ₹1,1 as the markets opened on Wednesday.
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