LIC’s profit surges 25x

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⭐ LIC’s profit surges multi-fold

Life Corporation of India reported a 25-fold year-on-year (YoY) jump in its Q1 net profit to ₹603 crore. The company’s net premium income also improved 20% YoY to ₹98,805 crore. Similarly, assets under management increased 7.5% to ₹41 lakh crore. The management said even though Q1FY22 was impacted by the second wave of the pandemic, the trajectory is likely to move upwards in the coming quarters. 

⭐ ONGC’s profit doubles

State-owned oil and gas company ONGC reported a jump of 251% YoY in its standalone net profit at ₹15,205 crore. Meanwhile, its revenue from operations rose by 84% YoY to ₹42,321 crore. The company’s operating margin improved to 49.5% as compared to 32% in Q1FY22. The company said its crude oil production rose nearly 2% YoY to 5.494 million metric tonnes. Meanwhile, its total gas production increased by 1.4% to 5.383 billion cubic metres.

⭐ Hero MotoCorp’s revenue jumps

Leading two-wheeler maker Hero MotoCorp posted a 71% jump YoY in its standalone net profit at ₹625 crore. Meanwhile, revenue from operations surged 53% YoY to ₹8,392 crore. The company sold 13.9 lakh units of motorcycles and scooters, posting a growth of 36% YoY. The management anticipates two-wheeler demand to be on a healthy trajectory supported by micro factors. Despite high commodity prices and supply-chain disruptions, the company maintained its EBITDA margins.

Global markets (at 7:30 AM today)

Fact of the day

The Chenab Railway Bridge was inaugurated on Saturday. Built on the River Chenab in J&K, it is the world's highest railway bridge.

Source: Business Standard