LIC Housing Finance Shares Plunge As Q1 Profit Declines
The stock fell as much as 7.69% during the day to Rs 691.05 apiece on the NSE.
Shares of LIC Housing Finance Ltd. dropped nearly 8% on Monday after its standalone net profit fell 2% in the first quarter of the current financial year.
The company's total income was flat at Rs 6,784 crore in the June quarter in comparison to Rs 6,747 crore in the year-ago period. Interest income also rose to Rs 6,739 crore from Rs 6,703 crore in the same period of the last fiscal, according to an exchange filing.
LIC Housing Q1 FY25 Earnings Highlights (Standalone, YoY)
Total income up 0.5% to Rs 6,784 crore versus Rs 6,747 crore.
Net profit down 1.8% to Rs 1,300 crore versus Rs 1,324 crore (Bloomberg estimate Rs 1,235 crore).
LIC Housing Finance's stock fell as much as 7.69% during the day to Rs 691.05 apiece on the NSE. It was trading 6.87% lower at Rs 697.15 per share, compared to a 1.77% decline in the benchmark Nifty at 10:09 a.m.
The share price has risen 58.03% in the last 12 months and 32.58% on a year-to-date basis. The total traded volume so far in the day stood at 6.9 times its 30-day average. The relative strength index was at 36.44.
Seventeen out of the 32 analysts tracking LIC Housing Finance have a 'buy' rating on the stock, 11 recommend 'hold' and four suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 6.4%.
