*Stocks in News*
Life Insurance Corporation of India: The life insurance major registered an increase of 20.35 percent in total premium income at Rs 98,352 crore in June FY23 quarter, against Rs 81,721 crore for the quarter ended June FY22. The profit for the quarter was Rs 682.88 crore against Rs 2.94 crore in corresponding period last fiscal. The market share of LIC in individual first year premium income was 43.86 percent for June FY23 quarter and in the group first year premium income, the market share was 76.43 percent.
Oil and Natural Gas Corporation: ONGC reported a standalone profit of Rs 15,206 crore for the quarter ended June FY23, up 251 percent YoY driven by strong operating performance and topline growth. Standalone revenue for the June FY23 quarter grew by 84 percent YoY to Rs 42,321 crore. EBITDA came in at Rs 24,731 crore for the June FY23 quarter, rising 125 percent YoY, and margin jumped by 1,065 bps YoY to 58.43 percent during the quarter led by higher crude realisation following spike in oil prices and increase in domestic gas prices.
Hero MotoCorp: The two-wheeler maker recorded 71 percent year-on-year increase in profit at Rs 625 crore for the quarter ended June FY23 on low base. Revenue grew by 53 percent YoY to Rs 8,393 crore and EBITDA surged 83 percent to Rs 941 crore compared to year-ago period. The company sold 13.90 lakh units of motorcycles and scooters in Q1FY23, a growth of 36 percent over the corresponding quarter in the previous fiscal. The year-ago quarter was affected by second Covid wave.
Zee Entertainment Enterprises: The company recorded a 49 percent year-on-year decline in profit at Rs 106.6 crore for the quarter ended June FY23, dented by dismal operating performance and tepid topline growth. Revenue grew by 4 percent to Rs 1,846 crore compared to year-ago period with 5.4 percent YoY increase in advertising revenue and 5 percent fall in subscription segment.
Apollo Tyres: The tyre maker clocked a 49 percent year-on-year growth in consolidated profit at Rs 190.7 crore for the quarter ended June FY23 on low base. Strong operating income and top line lifted bottomline. Revenue grew by 30 percent to Rs 5,942 crore compared to year-ago period.
Sun TV Network: The company reported a 35.3 percent year-on-year growth in consolidated profit at Rs 494 crore for the quarter ended June FY23 driven by operating income and top line growth. Revenue from operations grew by 49 percent to Rs 1,219 crore compared to year-ago period.
Wockhardt: The company recorded consolidated loss of Rs 75 crore for the quarter ended June FY23, against a loss of Rs 7 crore in year-ago period. Revenue fell 31 percent to Rs 595 crore compared to year-ago period. The corresponding quarter of previous year included revenue and profitability from UK Vaccines business.
Dilip Buildcon: The road developer posted a consolidated loss of Rs 55.1 crore for the quarter ended June FY23, against profit of Rs 32.86 crore in year-ago period, while sequentially the loss widened from Rs 41.09 crore in previous quarter on weak operating performance. The input cost was very high YoY. Revenue grew by 18.3 percent to Rs 2,884.4 crore compared to corresponding period last fiscal. The net order book as on June 2022 stood at Rs 25,160.2 crore.