State-owned Oriental Insurance has posted Rs 1,510-crore profit for the financial year ended March 31, 2018 with improvement in treasury income and restructuring of business strategy. The company had booked loss of Rs 1,691 crore in 2016-17.
The company collected gross premium of Rs 11,737 crore in 2017-18, as against Rs 11,117 crore in the previous fiscal. The investment income of the insurance increased with improvement in treasury operation to Rs 3,323 crore from Rs 2,341 crore in the FY’17.
“At the beginning of 2017-18, our company had consciously committed to improve the quality of business and consolidate financial strength. As a result, our measured approach to growth saw us moderating our health insurance business as against market growth largely due to pruning of loss making portfolios,” Oriental Insurance CMD AV Girijakumar told reporters. Oriental has grown broadly at par with the market in respect of motor business which is largest portfolio, he said.
Underwriting losses have come down to Rs 1,923 crore as against Rs 43,36 crore in the previous fiscal. The solvency margin of the company improved to 1.67 last fiscal, from 1.11 in the 2016-17. At the same time the combined ratio of the company also enhanced to 117 per cent from 148 per cent in the previous year.
Emami Q1 posts net profit of Rs 26.95 cr
FMCG firm Emami on Wednesday reported a net consolidated net profit of Rs 26.95 crore for the first quarter ended on June 30, 2018 led by growth in revenue and volume. The company had posted a consolidated net profit of Rs 0.89 crore during the April-June period a-year ago, the company said in a BSE filing. Emami’s total income stood at Rs 616.34 crore during the quarter under review. It was at Rs 545.62 crore in the corresponding quarter of the previous fiscal.
Commenting on results Emami director Mohan Goenka said, “We started the year FY19 with 19 per cent growth in the first quarter. Both volume and revenue registered a handsome recovery compared to the GST impacted corresponding quarter of last year.”
Meanwhile, Emami said that its revenue for the quarter under review were not comparable due to implementation of GST. Total expenses of the Kolkata-based firm were at Rs 490.86 crore. Emami said its domestic business grew by 21 per cent with major brands like Navratna, Pain Management Range, 7 Oils in One, Male Grooming range and Healthcare posting strong volume-led growth.
Exide Industries Q1 net profit up 11 pc
Battery manufacturer Exide Industries on Wednesday reported 11.06 per cent rise in its standalone net profit to Rs 209.92 crore for the first quarter ended June 30, 2018-19. It had posted a net profit of Rs 189 crore for the April-June period of last fiscal, 2017-18, Exide said in a BSE filing. Standalone revenue from operations of the company stood at Rs 2,772.46 crore for the quarter under consideration. It was Rs 2,363.72 crore for the corresponding period year ago.
Apollo Tyres Q1 net surges to Rs 252 cr
Apollo Tyres on Wednes-day posted nearly three-fold rise in consolidated net profit at Rs 251.84 crore for the June quarter, driven by robust sales across various markets including India and Europe. The company had reported a net profit of Rs 88.3 crore during the same period of 2017-18. Net sales stood at Rs 4,249.39 crore during the April-June period as compared with Rs 3,512.98 crore in the same period of 2017-18 , Apollo Tyres said in a statement.
“All our operations have done well in the past quarter, and have reported a good set of numbers. This is a result of planning and investments in capacities, both in India and Europe, in addition to the increasing demand for our products with the OEMs, as well as, in the replacement market,” Apollo Tyres Chairman Onkar S Kanwar said.
Going forward, the company’s growth momentum will continue despite the challenges posed by the raw material cost push, transporters strike and the new loading norms for commercial vehicles in India, he added.
The company said its domestic business grew 32 per cent to Rs 3,021 crore during the quarter while the European operations’ revenue grew 22 per cent to close at Rs 1,242 crore.
Shares of the company today ended 1.3 per cent down at Rs 289 on BSE. PTI
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