LIC reports 3.51% growth in profit after tax for H1 FY 2024
The Board of Directors of Life Insurance Corporation of India (LIC) has approved and adopted the standalone and consolidated financial results for the six months ending 30 September.
Riding on its green energy portfolio, Bajaj Auto on Wednesday reported a net income of Rs 2,005 crore in the July-September quarter (Q2 FY25), up 9 per cent from a year-ago period.
Adjusting for the exceptional deferred tax provision, profit after tax (PAT) reached Rs 2,216 crore, up 21 per cent (year-on-year).
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“Reported PAT was at Rs 2,005 crore, after making an additional provision of Rs 211 crore to account for the cumulative one-time impact on Deferred Tax on Investment Income, due to the withdrawal of indexation and change in tax rate in the Finance Act, 2024,” the company said in its regulatory filing.
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The automaker reported revenue from operations at Rs 13,000 crore, up 22 per cent YoY.
Bajaj Auto’s shares closed 0.88 per cent higher at Rs 11,622.5 apiece on Wednesday.
The company said its green energy portfolio scaled up to reach new milestones of 1 lakh electric vehicles (EVs) sold in the month of September, which included 70,000 Chetak electric scooters (with a market share at 21 per cent in September).
“The portfolio comprising of electric and CNG vehicles across both the 2W and 3W portfolio, which now contributes a significant 40 per cent of total domestic revenues,” Bajaj Auto said in the filing.
The company said that it saw double-digit growth in both motorcycles and commercial vehicles, propelled by the near trebling of electric scooters.
“Pulsar continues to gain traction across markets as it delivered its highest quarterly sales of 1.1 lakh units,” the company informed.
The firm further stated that it is on the path to replicate the leadership of the ICE 3W segment to e3Ws (electric), as the segment exit market share reached 35 per cent, having doubled from the end of last year.
At the end of quarter, Bajaj Auto has surplus cash of Rs 16,392 crore, after having invested Rs 1,200 crore towards strategic growth enablers (primarily capital infusion into Bajaj Auto Credit Ltd. and EV capex), and distributing Rs 2,233 crore as dividend in H1 FY25.
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