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Subdued rise in ICICI Lombard Q3 net due to higher tax provisioning

Shares of ICICI Lombard were trading 3.46 per cent higher at Rs 809.65 per scrip on BSE

Press Trust of India  |  New Delhi 

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on Wednesday reported a 5.20 per cent increase in profit after tax (PAT) at Rs 2.3 billion (231.76 crore) for the quarter ended December 31, 2017.

A subsidiary of ICICI Bank, the firm had earned a PAT of Rs 2 billion (Rs 220.30 crore) in the same quarter of the previous fiscal.

Total income rose to Rs 20 billion (Rs 2,019.77 crore) from Rs 18 billion (Rs 1,842.93 crore) in the year-ago period, said in a BSE filing.

This is the second quarterly result of the company after going public in September last year.

During the quarter, the company reported provision of tax of Rs 905 million (Rs 90.59 crore) as against Rs 54 million (Rs 5.44 crore) in the year-ago period.

The for third quarter and nine-month period ended December 2016 were impacted due to the effect of excess tax provision written back of earlier years.

During the quarter, the company's gross premium written rose to Rs 30 billion (Rs 3,001.53 crore) as compared to Rs 25 billion (Rs 2,542.32 crore) in the year-ago period.

Also, the solvency ratio improved to 2.21 times as against 2.01 times in December, 2016. The regulatory requirement is 1.50 times.

Shares of were trading 3.46 per cent higher at Rs 809.65 per scrip on BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, January 16 2018. 18:19 IST