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Results
22-Oct-22
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Analysis
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HDFC Life Insurance Company
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Maintains steady performance
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HDFC Life Insurance Company, on consolidated
basis, has posted 19% growth net profit to Rs 329.02 crore in the quarter ended
September 2022. The figure includes number for recently acquired Exide life
insurance Company effective from 01 January 2022.
The company has continued to maintain a steady growth trajectory,
growing by 11% in terms of total APE in H1FY23 on a pre-merger basis i.e.
excluding Exide Life. The growth is in line with the industry and faster than
listed peers this quarter which also led to market share improvement from 14.6%
in Q1 to 15.0% in Q2 on a pre-merger basis.
The company has maintained our market leadership position as a top three
life insurer across individual and group businesses. Market share in terms of
individual WRP for the merged entity i.e. including Exide Life stands at 16.1%
amongst private players and 10.2% within overall industry.
New business margin for H1 is 27.6%, up from 26.4% in H1FY22, on a
pre-merger basis. There has been margin expansion for both the existing
business i.e. pre-merger and the acquired Exide Life business in H1FY23.
The company is close to achieving aspiration of maintaining FY22-margin
neutrality for the combined entity, having delivered 26.2% NBM, compared to
26.4% in H1FY22. The value of new business has grown by 16% on a pre-merger
basis and is at Rs 1258 crore for H1.
The pre-merger embedded value is Rs 33015 crore, with an operating
return on embedded value of 17.7% for H1FY23. The embedded value of the merged
entity is Rs 36016 crore.
Profit after tax on premerger basis stood at Rs 682 crore, a YoY
increase of 18% during H1FY23. This was aided by strong growth of 35% in
existing business surplus.
AUM of the company increased to Rs 224901 crore on merged entity basis
from Rs 204170 crore end March 2022 and Rs 191212 crore end September 2022. The
AUM on pre-merger basis stood at Rs 204392 crore end September 2022.
The consolidated Networth stood at Rs 122283 crore end September 2022,
while the solvency ratio of the company was at 210% end September 2022.
Embedded Value per share stood at Rs 167.6 per
share at end September 2022.
Financial Performance H1FY2023:
HDFC Life Insurance Company has posted 27% increase
in the net profit to Rs 690.42 crore on consolidated basis in H1FY2023. Total
Premium increased to Rs 23332 crore in H1FY2023, aided by new business premium
of Rs 11325 crore and renewal premium of Rs 12007 crore. Value of New Business
was Rs 1288 crore and new business margin stood at 26.2% in H1FY2023.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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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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Premium earned (net)
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13137.89
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11468.03
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23007.96
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19028.72
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46800.95
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38194.20
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Income from Investments
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9784.22
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8874.85
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6483.10
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15839.93
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19511.80
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32683.86
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Other income
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65.16
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45.02
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124.75
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66.78
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192.31
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183.39
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Contribution from the Shareholders` account
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14.91
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114.53
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23.15
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195.04
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554.44
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258.56
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Total Income
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23002.18
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20502.43
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29638.96
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35130.47
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67059.50
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71320.01
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Commission
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682.96
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511.19
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1083.62
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814.15
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2007.75
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1712.45
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Op. expenses related to Insurance business
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1842.20
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1352.13
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3402.61
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2305.51
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5852.98
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4593.33
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Others
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99.06
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51.85
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209.83
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-64.37
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117.58
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168.21
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Benefits paid (Net)
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11756.77
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8370.63
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19053.60
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14207.81
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32616.32
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22630.17
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Change in valuation of policy liabilities
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8348.36
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10038.42
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5391.86
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17665.37
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25237.00
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40842.33
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Provision for taxation
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24.37
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13.95
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39.21
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12.14
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184.50
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274.39
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Total Expense
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22753.72
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20338.17
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29180.73
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34940.61
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66016.13
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70220.88
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PAT
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248.46
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164.26
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458.23
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189.86
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1043.37
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1099.13
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Transfer to Shareholders` account
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219.60
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202.32
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470.19
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293.61
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1105.72
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991.58
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HDFC Life Insurance Company: Results Consolidated Shareholders
Account
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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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Amounts transferred from Policyholders` account
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219.60
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202.32
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470.19
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293.61
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1105.72
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991.58
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Income from investments
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160.88
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205.05
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282.05
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464.90
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813.10
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649.97
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Others
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6.97
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4.54
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13.03
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8.43
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19.01
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3.10
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Total income
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387.45
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411.91
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765.27
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766.94
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1937.83
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1644.65
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Expenses (apart from Insurance)
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43.18
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27.95
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72.46
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45.81
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113.96
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69.12
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Contribution to policyholders account
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14.91
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114.53
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23.15
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195.04
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554.44
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258.56
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Others
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-1.18
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-8.63
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-23.90
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-26.12
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-33.32
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-37.31
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Total Expenses
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56.91
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133.85
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71.71
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214.73
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635.08
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290.37
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PBT
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330.54
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278.06
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693.56
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552.21
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1302.75
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1354.28
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Tax
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1.52
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2.16
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3.14
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6.76
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-24.18
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-6.59
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PAT
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329.02
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275.90
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690.42
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545.45
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1326.93
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1360.87
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EPS (Rs)*
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6.1
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5.1
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4.3
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3.4
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6.2
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6.3
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EV/Share (Rs)
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167.6
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-
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167.6
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-
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156.0
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* on current equity of Rs 2149.1 crore of face value of Rs 10
each
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PL: Profit to Loss, LP: Loss to Profit
$ Figures for 2209 (3), 2209 (9) and 2203 (12) includes figures
for Exide Life Insurance Company and are not comparable with earlier periods
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Figures in crore, Source: Capitaline Database
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