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Results
21-Jan-23
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Analysis
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HDFC Life Insurance Company
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Sustains steady performance
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HDFC Life Insurance Company, on consolidated
basis, has posted 15% growth net profit to Rs 315.91 crore in the quarter ended
December 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 22% in terms of total APE in 9MFY23 on a post-merger basis i.e. including
Exide Life.
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 15.8%
amongst private players.
New business margin for 9MFY2023 was 26.5% post merger, which is stable
from 26.5% pre-merger in H1FY22. The company has achieved aspiration of
maintaining FY22-margin neutrality for the combined entity, having delivered steady
26.5% NBM, compared to 26.5% in 9MFY22. The value of new business has grown by 22%
on a post-merger basis to Rs 2163 crore for 9MFY2023.
The post-merger embedded value is Rs 37702 crore, with an operating
return on embedded value of 17.5% for 9MFY23 up from 16.2% in 9MFY2022.
Profit after tax on post-merger basis stood at Rs 1001 crore, a YoY
increase of 18% during 9MFY23. This was aided by strong growth of 30% in
existing business surplus.
AUM of the company increased to Rs 233839 crore end December 2022 on
merged entity basis from Rs 204170 crore end March 2022 and Rs 194738 crore end
December 2021.
The consolidated Networth stood at Rs 12699 crore end December 2022,
while the solvency ratio of the company was at 209% end December 2022.
Embedded Value per share stood at Rs 175.4 per
share at end December 2022.
Financial Performance 9MFY2023:
HDFC Life Insurance Company has posted 23% increase
in the net profit to Rs 1006.32 crore on consolidated basis in 9MFY2023. Total
Premium increased to Rs 37907 crore in 9MFY2023, aided by new business premium
of Rs 18713 crore and renewal premium of Rs 19194 crore. Value of New Business
was Rs 2163 crore and new business margin stood at 26.5% in 9MFY2023.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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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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14402.22
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12147.33
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37410.18
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31176.05
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46800.95
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38194.20
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Income from Investments
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4929.79
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1983.29
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11412.89
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17823.22
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19511.78
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32683.86
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Other income
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72.50
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46.73
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197.25
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113.51
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192.33
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183.39
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Contribution from the Shareholders` account
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313.73
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69.37
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336.88
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264.42
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554.44
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258.56
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Total Income
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19718.24
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14246.72
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49357.20
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49377.20
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67059.50
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71320.01
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Commission
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693.45
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507.15
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1777.08
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1321.29
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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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2123.38
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1504.57
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5525.98
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3810.09
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5852.98
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4593.33
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Others
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98.90
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79.38
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308.73
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15.01
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117.58
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168.21
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Benefits paid (Net)
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8691.80
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8103.28
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27745.40
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22311.09
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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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7912.31
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3849.58
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13304.18
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21514.96
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25237.00
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40842.33
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Provision for taxation
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-131.29
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17.50
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-92.08
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29.64
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184.50
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274.39
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Total Expense
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19388.55
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14061.46
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48569.29
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49002.08
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66016.13
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70220.88
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PAT
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329.69
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185.26
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787.91
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375.12
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1043.37
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1099.13
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Transfer to Shareholders` account
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415.76
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183.51
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885.95
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477.12
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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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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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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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415.76
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183.51
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885.95
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477.12
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1105.72
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991.58
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Income from investments
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244.75
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180.07
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526.80
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644.97
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813.10
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649.97
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Others
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7.84
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4.99
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20.88
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13.42
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19.01
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3.10
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Total income
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668.35
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368.57
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1433.63
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1135.51
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1937.83
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1644.65
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Expenses (apart from Insurance)
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39.34
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28.11
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111.82
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73.91
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113.96
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69.12
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Contribution to policyholders account
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313.73
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69.38
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336.88
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264.42
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554.44
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258.56
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Others
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0.00
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-6.62
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-23.90
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-32.74
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-33.32
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-37.31
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Total Expenses
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353.07
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90.87
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424.80
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305.59
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635.08
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290.37
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PBT
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315.28
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277.68
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1008.83
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829.92
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1302.75
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1354.28
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Tax
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-0.63
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2.42
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2.51
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9.18
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-24.18
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-6.59
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PAT
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315.91
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275.26
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1006.32
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820.74
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1326.93
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1360.87
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EPS (Rs)*
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5.9
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5.1
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6.2
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5.1
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6.2
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6.3
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EV (Rs)
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175.4
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-
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175.4
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-
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156.0
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* on current equity of Rs 2149.18 crore of face value of Rs 10
each
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PL: Profit to Loss, LP: Loss to Profit
$ Figures for 2212 (3), 2212 (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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