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Results
23-May-24
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Analysis
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New India Assurance Company
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Combined ratio rises to 121.5% in Q4FY2024
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The New
India Assurance Company has posted 146% surge in the net profit to 310.88 crore
in the quarter ended March 2024 (Q4FY2024) against net profit of Rs 126.12 crore
in Q4FY2023. Gross Direct Premium increased 2% to Rs 10625.15 crore in Q4FY2024.
The company has posted operating profit
of Rs 13.07 crore in Q4FY2024 as against operating profit of Rs 19.77 crore in Q4FY2023.
The segments such as fire, marine, crop, motor and miscellaneous have posted
operating profit, while health segment have recorded operating loss in Q4FY2024.
PBT jumped 213% to Rs 469.86 crore in Q4FY2024
compared with Rs 150.12 crore in Q4FY2023. The company has created tax
provisions of Rs 162.08 crore against provisions of Rs 6.19 crore in Q4FY2023.
There was loss attributable to non-controlling interest of Rs 2.02 crore and
gain from associate was at Rs 5.12 crore. The net profit came in at Rs 310.88 crore
in Q4FY2024.
Combined Ratio rose to 121.48% in Q4FY2024
from 118.31% in Q4FY2023, while rose from 116.54% in Q3FY2024.
The solvency ratio rose on sequential
basis to 1.81% end March 2024.
Book
value
of the company including fair value change account stood at Rs 171.7 per share
and excluding fair value change account stood at Rs 132.6 per share end March
2024.
Commenting on the results, Executive
Director Mr Titus Francis said, "New India Assurance" has delivered
excellent results in FY24 despite adverse impact of several catastrophic claims
during the year. The gross written premium grew by 8.3% during the year to Rs 41996
crore and profit after tax increased by 7% during the year to Rs 1129 crore.
The PAT for the fourth quarter more than doubled as it increased by 128.4% to Rs
354 crore. The solvency ratio remained healthy at 1.81x and the company continues
to be the market leader in the Indian general insurance industry.
The impact of catastrophic claims on
the net incurred claims during the year was - Rs 794 crore. During the 4th
quarter, the results were adversely impacted by an impairment charge of - Rs 110
crore on the Nigerian operations due to devaluation of Naira. The net worth
increased to Rs 44704 crore compared to Rs 38,675 crore in FY23. Even on
individual lines, Motor third party loss ratio saw an increase as there was no
premium increase during the year. This was marginally offset by decline in the
loss ratio of Motor Own Damage segment where price corrections were factored.
The health segment loss ratio remains elevated and corrective steps are being
taken. Other lines did reasonably well. The Indian general insurance industry
has a long runway for growth, and the company will continue its strategy to
pursue growth with profitability."
Consolidated Statement
of Revenue Accounts: New India Assurance
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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1. Premiums earned
(Net)
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8983.27
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7937.38
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13
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34186.62
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30424.95
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12
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2. Profit on sale of
Investments (Net)
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1892.20
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1610.56
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17
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6583.15
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7493.24
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-12
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4. Others
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0.00
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0.00
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-
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0.00
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0.00
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-
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Total (A)
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10875.47
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9547.94
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14
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40769.77
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37918.19
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8
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1. Claims Incurred
(Net)
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8551.37
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7772.97
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10
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33213.77
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29010.38
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14
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2. Commission
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769.95
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669.11
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15
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3033.09
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2439.89
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24
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3. Operating Expenses
related to Insurance Business
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1541.09
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1086.09
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42
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5130.19
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4265.27
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20
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4. Premium Deficiency
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0.00
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0.00
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0
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0.00
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0.00
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0
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Total Expenses (B)
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10862.42
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9528.18
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14
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41377.06
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35715.55
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16
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Operating Profit/ Loss
C=(A -B)
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13.06
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19.77
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-34
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-607.27
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2202.66
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PL
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(a) Fire Insurance
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320.59
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-128.91
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LP
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577.32
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1064.88
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-46
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(b) Marine Insurance
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60.77
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84.07
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-28
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230.80
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156.89
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47
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(c) Health
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-1047.28
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-578.87
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81
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-3438.09
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-2202.41
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56
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(d) Crop
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27.86
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-46.75
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LP
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166.08
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-177.96
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LP
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(e) Motor
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294.06
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360.30
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-18
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1119.22
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2549.94
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-56
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(f) Miscellaneous
Insurance
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357.07
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329.94
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8
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737.39
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811.31
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-9
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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13.07
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19.77
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-34
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-607.27
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2202.66
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-
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Transfer to Other
Reserves
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0
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0
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0
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0
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Consolidated Statement
of Profit & Loss Account: New India Assurance
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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1. Transfer from
policyholders fund
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13.07
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19.77
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-34
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-607.27
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2202.66
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PL
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2. Income from investments
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810.40
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634.42
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28
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2748.72
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3006.63
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-9
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3. Other income
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35.56
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40.73
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-13
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15.11
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65.16
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-77
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Total (A)
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859.03
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694.92
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24
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2156.56
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5274.45
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-59
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4. Provisions (Other
than taxation)
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38.78
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-4.77
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PL
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64.18
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32.76
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96
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5. Other expenses
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350.39
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549.57
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-36
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680.26
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3985.22
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-83
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Total (B)
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389.17
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544.80
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-29
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744.44
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4017.98
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-81
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Profit before tax
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469.86
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150.12
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213
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1412.12
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1256.47
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12
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Provision for
taxation:
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162.08
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6.19
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2518
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320.99
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195.16
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64
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PAT
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307.78
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143.93
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114
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1091.13
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1061.31
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3
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Profit attributable to
non-controlling interest
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2.02
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-2.40
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PL
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3.95
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1.96
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102
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Share of profit /Loss
from associates
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5.12
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-20.21
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LP
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29.31
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-11.33
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PL
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Net Profit
attributable to owners
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310.88
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126.12
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146
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1116.49
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1048.02
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7
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EPS (Rs) *
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7.5
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3.1
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6.8
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6.4
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* on current equity of
Rs 824 crore of face value of Rs 5 each, Figures in crore, PL: Profit to
Loss, LP: Loss to Profit, Source: Capitaline Corporate Database
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