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Results
02-Feb-22
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Analysis
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Indian Overseas Bank
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Loan growth and asset quality improves
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Indian
Overseas Bank has posted 113% surge in the net profit to Rs 454.11 crore in the
quarter ended December 2021 (Q3FY2022). Interest income has declined 1.08% to
Rs 4197.69 crore. Interest expense fell 3.54% to Rs 2625.58 crore. Hence net
interest income rose 3.31% to Rs 1572.11 crore.
With
other income showing a decline of 23.13% to Rs 1185.93 crore, net total income fell
10.00% Rs 2758.04 crore. Operating expenses fell 7.69% to Rs 1230.65 crore. As
a result, profit before provisions fell 11.78% to Rs 1527.39 crore. Provisions
& Contingencies decreased 29.61% to Rs 1065.35 crore, leading to Profit
before tax reported profit of Rs 462.04 crore compared to Profit of Rs 217.76
crore.
The
cost to income ratio rose to 44.62% Q3FY2022 from 43.50% Q3FY2021.
Provision
for tax was expense of Rs 7.93 crore, compared to Rs 4.89 crore. Net profit
rose 113.33% to Rs 454.11 crore.
Asset quality improves
Gross
non-performing assets declined to Rs 15426.55 crore end December 2021 from Rs
16753.48 crore end December 2020 and Rs 15665.69 crore end September 2021.
Gross
NPA % declined to 10.40% end December 2021 from 12.19% end December 2021 and Rs
10.66% end September 2021.
Net
non-performing assets fell to Rs 3586.83 crore end December 2021 from Rs 3904.92
crore end December 2020 and Rs 3741.21 crore end 30 September 2021.
Net NPA
% declined to 2.63% end December 2021 from 3.13% end December 2020 and 2.77% end
September 2021.
The provision
coverage ratio improved to 92.33% end December 2021 as against 92.00% end September
2021.
Total
cash recovery for December 2021 was Rs 1199.51 crore (includes Recovery from Tech
write off of Rs 247.37 crore and sole to ARC of Rs 241 .46 crore and Security
Receipts) as against Rs 831.77 crore (includes Recovery from Tech write off of Rs
428.61 crore) in September 2021
Capital
adequacy ratio moved from 11.49% Q3FY2021 and 15.41% as on 30 September 2021 to
15.41% Q3FY2022.
Asset Quality
Indicators: Indian Overseas Bank
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Dec-21
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Sep-21
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Jun-21
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Mar-21
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Dec-20
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Variation
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QoQ
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YTD
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YoY
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Gross NPA (Rs Crore)
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15426.55
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15665.69
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15952.10
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16323.18
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16753.48
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-2
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-5
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-8
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Net NPA (Rs Crore)
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3586.83
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3741.21
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3998.21
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4577.59
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3904.92
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-4
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-22
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-8
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% Gross NPA
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10.40
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10.66
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11.48
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11.69
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12.19
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-26
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-129
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-179
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% Net NPA
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2.63
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2.77
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3.15
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3.58
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3.13
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-14
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-95
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-50
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% Provision Coverage
Ratio
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92.33
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92.00
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91.56
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90.34
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91.91
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33
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199
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42
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% CRAR - Basel III
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15.41
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15.41
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15.48
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15.32
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11.49
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0
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9
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392
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% CRAR - Tier I Basel
III
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12.94
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12.84
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12.96
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12.91
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8.82
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10
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3
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412
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Variation in basis
points for figures given in percentages and in % for figures in Rs crore
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Business highlights
Total
business stood at Rs 492507 crore end December 2021 as against Rs 458276 crore end
December 2020 with an increase of 7.47%.
Total deposits increased lo Rs 247118 crore end
December 2021 as against Rs 234116 crore end December 2020, with an increase of
5.55%.
Gross Advances
stood at Rs 148316 crore end December 2021 as against Rs 137469 crore end December
2020, with an increase of 7.89%.
The Bank
has evolved o policy of not taking fresh exposures in stressed sectors, below
hurdle rated accounts and BB and below rated accounts. The Bank has also exited
from accounts in the stressed sectors, wherever feasible.
CASA of
the Bonk improved to 42.53% end December 2021 as against 40.93% end December
2020. Total CASA has increased from Rs 95830 crore end December 2020 to Rs 105105
crore end December 2021, with an increase of 9.68%.
Book value
per share of the bank stood at Rs 10.6 per share at end December 2021. The
adjusted book value accounting for NNPA and 25% of restructured loans stood at
Rs 8.0 per share at end December 2021.
Financial Performance 9MFY2022
Indian
Overseas Bank Interest income has declined 3.04% to Rs 12515.34 crore. Interest
expense fell 7.12% to Rs 7813.74 crore. Hence net interest income rose 4.59% to
Rs 4701.60 crore.
With
other income showing a fall of 4.06% to Rs 3398.87 crore, net total income
increased 0.78% Rs 8100.47 crore. Operating expenses rose 2.21% to Rs 3951.87
crore. As a result, profit before provisions fell 0.55% to Rs 4148.6 crore. Provisions
& Contingencies decreased 19.20% to Rs 2969.73 crore, leading to Profit
before tax reported profit of Rs 1178.87 crore compared to Profit of Rs 496.06
crore.
There
were no extraordinary items. PBT after EO reported profit of Rs 1178.87 crore
compared to Profit of Rs 496.06 crore. Provision for tax was expense of Rs
21.71 crore, compared to Rs 14.36 crore. Net profit rose 140.22% to Rs 1157.16
crore.
The
cost to income ratio rose to 48.79% Q3FY2022 from 48.10% Q3FY2021.
Indian Overseas Bank: Financial
Results
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Particulars
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Interest Earned
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4197.69
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4243.72
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-1
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12515.34
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12908.10
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-3
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16965.53
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17406.11
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-3
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Interest Expended
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2625.58
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2722.04
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-4
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7813.74
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8412.80
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-7
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11067.03
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12103.28
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-9
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Net Interest Income
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1572.11
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1521.68
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3
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4701.60
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4495.30
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5
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5898.50
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5302.83
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11
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Other Income
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1185.93
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1542.82
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-23
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3248.87
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3392.65
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-4
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5409.02
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3209.68
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69
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Net Total Income
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2758.04
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3064.50
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-10
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7950.47
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7887.95
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1
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11307.52
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8512.51
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33
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Operating Expenses
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1230.65
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1333.17
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-8
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3951.87
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3866.26
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2
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5561.72
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5128.83
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8
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Operating Profits
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1527.39
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1731.33
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-12
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3998.60
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4021.69
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-1
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5745.80
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3383.68
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70
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Provisions & Contingencies
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1065.35
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1513.57
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-30
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2819.73
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3525.63
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-20
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4906.09
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11728.16
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-58
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Profit Before Tax
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462.04
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217.76
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112
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1178.87
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496.06
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138
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839.71
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-8344.48
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LP
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Provision for Tax
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7.93
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4.89
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62
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21.71
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14.36
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51
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8.24
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182.92
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-95
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PAT
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454.11
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212.87
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113
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1157.16
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481.70
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140
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831.47
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-8527.40
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LP
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EPS*(Rs)
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0.96
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0.45
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0.82
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0.34
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0.44
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-4.51
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* Annualized on current equity of
Rs 18902.41 crore. Face Value: Rs 10, Figures in Rs crore,PL: Profit to Loss, LP: Loss to
Profit
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Source: Capitaline Corporate
Database
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