HDFC Life Insurance share price gained in early trade on Tuesday after the company reported its March quarterly numbers.
The private life insurer reported a 14.6% fall (YoY) in its consolidated net profit to Rs 311.6 crore during the quarter ended March 31, 2020 against Rs 364.7 crore, recorded in a year-ago period.
Company's net premium income rose 2.2% (YoY) to Rs 10,476 crore in the January-March quarter of the current fiscal as compared to Rs 10,251.3 crore in the same period last financial year.
Following the result update, shares of HDFC Life opened with a gain of 2.34% to touch an intraday high of Rs 496.15 on BSE.
HDFC Life Insurance' shares have gained 7.21% in the last two sessions. The stock has climbed 10.35% in one month and 21.81% in one year.
Company's net investment income fell to Rs 10,229.92 crore in Q4FY20 as compared to Rs 3,755.65 crore in Q4 FY19.
Solvency ratio stood at 184% as compared to 188% on a yearly basis.
The company has also set up a Covid Reserve Fund with an additional provision of Rs 41 crore, covering 4,500 lives.
The company board also approved raising of up to Rs 600 crore through the issuance of non-convertible debentures (NCDs).
HDFC Life shares closed 0.34% higher at Rs 486.45 on BSE.