ICICI Prudential’s share price went up in the green on Friday as the company reported its Q4 earnings.
What Happened: The life insurance giant on Thursday releases its financial results for the March quarter. Net premium income for the quarter stood at ₹12,269.11 crore up a massive 33% sequentially and 11% year-over-year.
The company’s revenue however took a hit at ₹11,499.84 crore as it booked some losses from its investments. Revenue was down 34% quarter-over-quarter and 17% YoY.
The company’s profit on the other hand grew 26% YoY to 235 crore, beating consensus estimates of around ₹220-₹225 crore. The company also declared a final dividend of ₹0.60/share for FY23 (April 2022-March 2023).
Brokerages were largely impressed by the results. Macquarie maintained its ‘outperform’ rating for the stock with price target of ₹580. The firm said that the company reported strong metrcis on all counts as was expected.
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Morgan Stanley also maintained its overweight rating on the stock with a price target of ₹600- an over 30% upside from the stock’s last closing price of ₹457.90. Goldman Sachs maintained its ‘neutral’ rating and raised the price target for the stock to ₹490 from ₹460 on account of the estimate beating results.
Price Action: ICICI Pru share price was up 1.03% to trade at ₹460.40 as the markets opened on Friday.
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