HDFC Life Insurance stock up 1% as Q4 results beat Street, net profit jumps 15%

The company had also informed the exchanges that veteran banker Deepak Parekh had stepped down from the role of the Chairman and Non-Executive Director and that the firm has now appointed Keki M Mistry as the Chairman of the Board.

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Shares of HDFC Life Insurance Company were trading 1.1 percent higher after the insurer announced fiscal fourth quarter results that beat expectations. However, the share price moderated from the two-percent gains from morning trade.

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HDFC Life reported a net profit of Rs 411 crore for the January-March quarter, up 14.8 percent from a year ago. This beat a Moneycontrol brokerage poll estimate of Rs 382.1 crore. The net premium income also gained 5.4 percent on-year to Rs 20,488 crore in the fiscal fourth quarter. Solvency ratio stood at 187 percent, down from 203 percent, in the previous fiscal.

Also read: HDFC Life Q4 results: Net profit rises 15% to Rs 411 crore, beats estimate

Earlier in the day, the stock gained nearly two percent after it bagged an upgrade from foreign brokerage Citi, ahead of the quarterly earnings. The foreign brokerage upgraded its rating to a ‘buy’, assigning the stock a target price of Rs 720 per share, projecting a 19 percent upside potential.

Meanwhile, Citi also expects the company’s efforts to strengthen its agency base in FY24 to trigger some positive impact on its earnings. “Any likely revival in growth at HDFC Bank will further aid prospects for HDFC Life,” Citi stated.

The company had also informed the exchanges that veteran banker Deepak Parekh had stepped down from the role of the Chairman and Non-Executive Director and that the firm has now appointed Keki M Mistry as the Chairman of the Board.

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