Shares of Indian agrochemical company LIC climbed nearly 4% on April 23, 2021, after the company reported a higher-than-expected fourth quarter earnings.
The company reported a net profit of Rs 3,811.13 crore for the quarter ended March 2021, which was better than estimates of Rs 3,400 crore. Revenue from operations rose 6.6% to Rs 5,073 crore compared to the same quarter last year. The company also reported an expected credit loss provision of Rs 306.21 crore, up 4% compared to the year-ago period.
Following the news, the stock price of LIC saw a gain of nearly 4%, trading at Rs 716.25 as of 2:00 p.m. The company’s market capitalization rose to Rs 1.49 lakh crore.
Analysts at various brokerages maintained a ‘hold’ rating on the stock, citing a slight slowdown in the company’s growth due to rising competition and higher capital charges.