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Results
12-Feb-22
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Analysis
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New India Assurance Company
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Gross premium collection up 16%
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The New
India Assurance Company has posted 4% dip in the net profit to Rs 502.99 crore
in the quarter ended December 2021 (Q3FY2022). Gross Direct Premium increased 16%
to Rs 9127.35 crore in Q3FY2022.
The company has posted 61% decline in
the operating profit to Rs 93.41 crore in Q3FY2022 as against profit of Rs 236.56
crore in Q3FY2021. However, the operating profit has turned positive after
losses for last three straight quarters.
Combined Ratio eased on sequential
basis to 118.69%, while adjusted combined ratio was below 100% after three
quarters at 98.83% in Q3FY2022. Return on Equity (annualized) improved sequentially
to 10.52% in Q3FY2022. The solvency ratio eased to 1.83x end December 2021.
The book value of the company
including fair value change account stood at Rs 216.2 per share and excluding
fair value change account stood at Rs 122.9 per share end December 2021.
Commenting on the
results, Chairman Cum Managing Director Mr. Atul Sahai said: "The company
continued to report impressive premium growth with the GWP for the third
quarter clocking an increase of 15.7% over the same quarter last year and 16.4%
in the 9-month period compared to the same period last year. The company
continues to grow faster than the industry and increase its market share. The
profitability was impacted with the company settling close to 3216 Cr worth of
COVID claims for the nine-month period ending 31st Dec 2021. The profit has
however considerably improved sequentially with the PAT at 484 Cr compared to
127 Cr in the previous quarter. With the impact of third wave not expected to
be as severe as the second wave the company looks forward to better performance
in the ensuing quarters."
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Statement of Revenue
Accounts: New India Assurance
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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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1. Premiums earned
(Net)
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7434.71
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6720.59
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11
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21768.33
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19384.45
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12
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26376.33
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23662.18
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11
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2. Profit on sale of
Investments (Net)
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1425.91
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1262.15
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13
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3857.70
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2800.70
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38
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4335.78
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4528.07
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-4
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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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73.31
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0.00
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-
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Total (A)
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8860.62
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7982.74
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11
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25626.03
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22185.15
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16
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30785.42
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28190.25
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9
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1. Claims Incurred
(Net)
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7169.95
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5785.39
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24
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21584.19
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15334.99
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41
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22156.76
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21573.92
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3
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2. Commission
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595.92
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631.90
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-6
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1634.97
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1856.88
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-12
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2483.86
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2308.28
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8
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3. Operating Expenses
related to Insurance Business
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1001.34
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1328.89
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-25
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2917.61
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4145.28
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-30
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5427.23
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3874.10
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40
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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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0.00
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0.00
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0
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Total Expenses (B)
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8767.22
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7746.19
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13
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26136.78
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21337.16
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22
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30067.86
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27756.31
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8
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Operating Profit/ Loss
C=(A -B)
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93.41
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236.56
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-61
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-510.74
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848.00
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-160
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717.57
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433.95
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65
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APPROPRIATIONS
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Transfer to
Shareholders` Account
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93.41
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236.56
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-61
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-510.74
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848.00
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-160
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717.57
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433.95
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65
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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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0
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0
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Statement of Profit
& Loss Account: New India Assurance
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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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1. Operating
profit/(loss)
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93.41
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236.56
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-61
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-510.74
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848.00
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PL
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717.57
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433.95
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65
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(a) Fire Insurance
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392.30
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376.35
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4
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468.18
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18.75
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2397
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201.93
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360.78
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-44
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(b) Marine Insurance
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52.47
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6.59
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696
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107.09
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52.44
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104
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50.28
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93.96
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-46
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(c) Health
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-1015.00
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-655.35
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55
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-3728.80
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-694.59
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437
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-1469.72
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-1506.08
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-2
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(d) Crop
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51.74
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-25.34
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LP
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82.82
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-117.28
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LP
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-296.74
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-212.84
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39
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(e) Motor
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452.48
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287.39
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57
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1940.64
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1652.13
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17
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1960.06
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1712.24
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14
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(c) Miscellaneous
Insurance
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159.43
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246.92
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-35
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619.33
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-63.45
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LP
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271.75
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-14.13
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LP
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2. Income from
investments
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607.79
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610.04
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0
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1640.52
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1310.48
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25
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1979.35
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2329.02
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-15
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3. Other income
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1.34
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-0.57
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LP
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35.97
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16.12
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123
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29.40
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54.88
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-46
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Total (A)
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702.54
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846.03
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-17
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1165.75
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2174.60
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-46
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2726.32
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2817.85
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-3
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4. Provisions (Other
than taxation)
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2.98
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71.30
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-96
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4.25
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17.54
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-76
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128.62
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75.99
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69
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5. Other expenses
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104.83
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109.52
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-4
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313.55
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421.67
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-26
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537.94
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1082.82
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-50
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Total (B)
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107.81
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180.82
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-40
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317.80
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439.21
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-28
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666.56
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1158.81
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-42
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Profit before tax
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594.73
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665.21
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-11
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847.95
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1735.39
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-51
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2059.76
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1659.04
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24
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Provision for
taxation:
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100.82
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141.33
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-29
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120.23
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347.56
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-65
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432.01
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223.37
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93
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PAT
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493.91
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523.88
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-6
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727.72
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1387.83
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-48
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1627.75
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1435.67
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13
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Profit atributable to
non-controlling interest
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1.38
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1.21
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14
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5.85
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6.75
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-13
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4.74
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4.46
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6
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Share of profit /Loss
from associates
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10.46
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2.26
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363
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205.11
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26.44
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676
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17.46
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11.04
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58
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Net Profit atributable
to owners
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502.99
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524.93
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-4
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926.98
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1407.52
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-34
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1640.47
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1442.25
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14
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EPS (Rs) *
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12.21
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12.74
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7.50
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11.39
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9.95
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8.75
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* on current equity of
Rs 824 crore of face value of Rs 5 each, Figures in crore, Source: Capitaline
Corporate Database
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