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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.


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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

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