Public sector Life Insurance Corporation of India (LIC) has become the highest profit earning company in public sector undertakings (PSU) in the January-March quarter of the previous financial year (2024-25). LIC’s net profit increased by 38 percent in the fourth quarter of FY 2024-25 to a record of Rs 19,013 crore. The company’s net profit was Rs 13,763 crore in the same quarter of FY 2023-24. After this legendary company in the insurance sector, the country’s largest government bank is the place of State Bank of India (SBI), which earned a profit of Rs 18,643 crore in the fourth quarter. However, SBI finished first in terms of annual profit.
How much profit did LIC earn throughout the financial year
In FY 2024-25, SBI earned a total profit of Rs 70,901 crore, while LIC earned a profit of Rs 48,151 crore. According to the data available on the stock market, in other public undertakings, Coal India earned a net profit of Rs 9,604 crore in the March quarter, after which Power Finance Corporation (PFC) earned Rs 8,358 crore and NTPC earned Rs 7,897 crore. In the oil sector, the Indian Oil Corporation (IOC) made a net profit of Rs 7,265 crore in the fourth quarter, after which ONGC made a profit of Rs 6,448 crore. REC Limited in other central public sector enterprises (CPSE) recorded a net profit of Rs 4,304 crore, Power Grid Corporation of India (Rs 4,143 crore) and Steel Authority of India Limited (Rs 1,251 crore).
What was the effect of the results on LIC shares
On May 28, the next day of LIC announced the announcement of a brilliant performance, its stock jumped 8 percent to close at Rs 942.55 per share. During the business, it jumped 8.83 percent to Rs 948. The company’s market cap increased by Rs 45,223.74 crore to Rs 5,96,162.66 crore. By the end of the last financial year, LIC AUM increased to Rs 54,52,297 crore, which was Rs 51,21,887 crore on 31 March 2024. It records an increase of 6.45 percent.
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