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Results
22-Oct-22
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Analysis
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Bajaj Finserv
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Maintains healthy growth
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Bajaj Finserv has posted
15.73% increase in income from operation to Rs 20434.79 crore in Q2FY2023. The
revenue of Insurance (49.98% of total revenues) segment has gone up 4.88% to Rs
10786.96 crore, while the revenue of retail financing (46.21% of total
revenues) segment has gone up 29.00% to Rs 9,974.47 crore. The revenue of
investments & Others (3.77% of total revenues) segment has gone up 90.15%
to Rs 812.76 crore, while the revenue of windmill (0.04% of total revenues)
segment declined 9.96% to Rs 9.31 crore.
PBIT of Insurance segment
fell 33.35% to Rs 569.57 crore (accounting for 13.38% of total PBIT). PBIT of
Windmill segment fell 8.77% to Rs 4.89 crore (accounting for 0.11% of total
PBIT). PBIT of Investments & Others reported loss of Rs 176.41 crore
(accounting for (-) 4.14% of total PBIT) compared to loss of Rs 130.26 crore.
PBIT of Retail financing segment rose 87.12% to Rs 3,859.75 crore (accounting
for 90.65% of total PBIT).
Overall OPM has increased
to 36.15% in Q2FY2023 from 30.09% in Q2FY2022, leading to 39.06% rise in
operating profit to Rs 7,387.62 crore. Other expenditure as a percentage of
total income moved down to 49.96% from 53.25% in Q2FY2023. The staff cost as a
percentage of total income increased to 10.19% from 9.30% in Q2FY2023. The
provisions as percentage of total income declined to 3.70% from 7.37% in
Q2FY2023.
Interest cost increased
24.32% to Rs 2961.23 crore. Depreciation moved up 21.89% to Rs 168.4 crore. PBT
moved up 52.49% to Rs 4,258.10 crore.
The effective tax rate
increased to 29.62% in Q2FY2023 compared to 28.45% in Q2FY2022. Provision for
tax was expense of Rs 1261.2 crore, compared to Rs 794.41 crore. Profit after
tax rose 50% to Rs 2,996.90 crore.
There was profit
attributable to non-controlling interest of Rs 1,439.67 crore as compared to Rs
875.74 crore. The share of profit of associate companies decreased 200% to Rs
-0.3 crore. Finally, Net profit attributable to owners moved up 38.75% to Rs
1,556.93 crore.
Business
highlights
Financial
performance H1FY2023
The income from operation
of Bajaj Finserv increased 14.57% to Rs 35943.88 crore in H1FY2023. The revenue
of Insurance (45.95% of total revenues) segment has gone down 0.51% to Rs
17,470.83 crore. The revenue of Windmill (0.05% of total revenues) segment has
gone up 12.95% to Rs 17.27 crore. The revenue of Investments & Others
(3.36% of total revenues) segment has gone up 149.60% to Rs 1,275.91 crore. The
revenue of Retail financing (50.65% of total revenues) segment has gone up
33.04% to Rs 19,257.18 crore.
PBIT of Insurance segment
fell 47.43% to Rs 657.64 crore (accounting for 8.38% of total PBIT). PBIT of
Windmill segment rose 57.63% to Rs 9.30 crore (accounting for 0.12% of total
PBIT). PBIT of Investments & Others reported loss of Rs 370.17 crore
(accounting for (-)4.71% of total PBIT) compared to loss of Rs 247.83 crore.
PBIT of Retail financing segment rose 112.79% to Rs 7,554.94 crore (accounting
for 96.22% of total PBIT).
Overall OPM has increased
to 38.12% in H1FY2023 from 29.97% in H1FY2022, leading to 45.74% rise in
operating profit to Rs 13,702.95 crore. Other expenditure as a percentage of
total income moved down to 46.34% from 51.03% in H1FY2023. The staff cost as a
percentage of total income increased to 11.29% from 9.18% in H1FY2023. The
provisions as percentage of total income declined to 4.24% from 9.82% in
H1FY2023.
Interest cost increased
20.84% to Rs 5525.07 crore. Depreciation moved up 20.48% to Rs 325.67 crore.
PBT moved up 72.22% to Rs 7,852.44 crore.
The effective tax rate
increased to 29% in H1FY2023 compared to 24.76% in H1FY2022. Provision for tax
was expense of Rs 2277.52 crore, compared to Rs 1128.86 crore. Profit after tax
rose 62.50% to Rs 5,574.92 crore.
There was profit
attributable to non-controlling interest of Rs 2,707.88 crore in H1FY2023 as
compared to Rs 1,475.62 crore in H1FY2022. The share of profit of associate
companies decreased 160.71% to Rs -0.73 crore. Finally, Net profit attributable
to owners rose 46.62% yoy to Rs 2,866.31 crore in H1FY2023.
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Bajaj Finserv:
Consolidated Results
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Particulars
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2209 (3)
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2109 (3)
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Var %
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2209 (6)
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2109 (6)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Income from Operations
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20434.79
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17657.86
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16
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49544.41
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45198.10
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10
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68406.08
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60591.20
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13
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OPM (%)
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36.15
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30.09
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30.69
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32.87
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31.14
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32.19
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OP
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7387.62
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5312.47
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39
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15206.17
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14855.06
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2
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21298.85
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19501.89
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9
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Other Income
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0.11
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0.00
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-
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32.90
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6.22
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429
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32.90
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0.37
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8792
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PBDIT
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7387.73
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5312.47
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39
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15239.07
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14861.28
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3
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21331.75
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19502.26
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9
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Interest (Net)
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2961.23
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2381.93
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24
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7016.92
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6993.85
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0
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9498.26
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9141.28
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4
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PBDT
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4426.50
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2930.54
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51
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8222.15
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7867.43
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5
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11833.49
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10360.98
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14
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Depreciation /
Amortization
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168.40
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138.16
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22
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413.40
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363.23
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14
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562.73
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498.46
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13
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PBT
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4258.10
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2792.38
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52
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7808.75
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7504.20
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4
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11270.76
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9862.52
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14
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Tax Expenses
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1261.20
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794.41
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59
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2028.43
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1881.50
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8
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2957.05
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2494.96
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19
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PAT
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2996.90
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1997.97
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50
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5780.32
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5622.70
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3
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8313.71
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7367.56
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13
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Profit attributable to
non-controlling interest
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1439.67
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875.74
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64
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2569.26
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2130.94
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21
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3756.76
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2896.92
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30
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Share of profit/loss
of Associate
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-0.30
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-0.10
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-
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-0.37
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-0.36
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-
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-0.18
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-0.18
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-
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Net Profit after
minority and share in associate
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1556.93
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1122.13
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39
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3210.69
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3491.40
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-8
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4556.77
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4470.46
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2
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EPS *
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39.13
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28.20
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269.0
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292.5
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286.3
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280.9
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BV (Rs)
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266.82
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238.07
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266.8
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238.1
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252.9
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225.1
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* Annualized on
current equity of Rs 159.14 crore. Face Value: Rs 1, Figures in Rs crore
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Source: Capitaline
Corporate Database
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Bajaj Finserv :
Consolidated Segment Results
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% of (Total)
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2209 (3)
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2109 (3)
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Var.(%)
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% of (Total)
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2209 (6)
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2109 (6)
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Var.(%)
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% of (Total)
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2203 (12)
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2103 (12)
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Var.(%)
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Segment Revenue
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Insurance
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49.98
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10786.96
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10285.38
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4.88
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45.95
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17470.83
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17560.71
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-0.51
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53.17
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37080.72
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34176.28
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8.5
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Windmill
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0.04
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9.31
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10.34
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-9.96
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0.05
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17.27
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15.29
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12.95
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0.04
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29.38
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23.94
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22.72
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Investments &
Others
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3.77
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812.76
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427.43
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90.15
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3.36
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1275.91
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511.19
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149.6
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1.43
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995.53
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480.19
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107.32
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Retail financing
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46.21
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9974.47
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7732.07
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29
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50.65
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19257.18
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14475.07
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33.04
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45.37
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31640.41
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26683.05
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18.58
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Total Segment Revenue
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100
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21583.5
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18455.22
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16.95
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100
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38021.19
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32562.26
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16.76
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100
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69746.04
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61363.46
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13.66
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Less: Inter segment
revenues
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780.17
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447
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74.53
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1329.48
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0
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-
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1307.06
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771.89
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69.33
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Total Segment Revenue
from Operations (Net)
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100
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20803.33
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18008.22
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15.52
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100
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36691.71
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32562.26
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12.68
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100
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68438.98
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60591.57
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12.95
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PBIT
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Insurance
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13.38
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569.57
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854.52
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-33.35
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8.38
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657.64
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1250.96
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-47.43
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15.78
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1778.21
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3775.54
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-52.9
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Windmill
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0.11
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4.89
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5.36
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-8.77
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0.12
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9.3
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5.9
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57.63
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0.06
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6.32
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4.91
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28.72
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Investments &
Others
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-4.14
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-176.41
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-130.26
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-35.43
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-4.71
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-370.17
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-247.83
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-49.36
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-4.56
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-514.1
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-304.75
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-68.7
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Retail financing
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90.65
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3859.75
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2062.66
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87.12
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96.22
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7554.94
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3550.35
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112.79
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88.73
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10000.15
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6386.64
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56.58
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Total PBIT
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100
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4257.8
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2792.28
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52.48
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100
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7851.71
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4559.38
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72.21
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100
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11270.58
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9862.34
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14.28
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Less : Interest
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0
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0
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-
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0
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0
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-
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0
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0
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-
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PBT
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100
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4257.8
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2792.28
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52.48
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100
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7851.71
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4559.38
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72.21
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100
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11270.58
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9862.34
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14.28
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Capital Employed
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Insurance
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6.18
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15309.97
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17420.74
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-12.12
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6.18
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15309.97
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17420.74
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-12.12
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7.35
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16619.38
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16452.67
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1.01
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Windmill
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0.01
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36.77
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38.81
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-5.26
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0.01
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36.77
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38.81
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-5.26
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0.02
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34.62
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33.2
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4.28
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Investments &
Others
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0.64
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1594.35
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834.3
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91.1
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0.64
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1594.35
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834.3
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91.1
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0.41
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937.79
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729.74
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28.51
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Retail financing
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93.16
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230779.3
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183442.1
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25.8
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93.16
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230779.3
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183442.1
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25.8
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92.22
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208566.1
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168335.7
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23.9
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Total Segment
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100
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247720.4
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201735.9
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22.79
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100
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247720.4
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201735.9
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22.79
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100
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226157.9
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185551.3
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21.88
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Add: Unallocated
Corporate
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-43.05
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6.67
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PL
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-43.05
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6.67
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PL
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30.99
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29.44
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5.26
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Total
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100
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247677.3
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201742.6
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22.77
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100
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247677.3
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201742.6
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22.77
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100
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226188.9
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185580.7
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21.88
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Figures in Rs crore,
PL: Profit to Loss; LP Loss to Profit
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Source: Capitaline
Corporate Database
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Previous News |
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(
Hot Pursuit
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07-May-24
14:23
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