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Results
27-Apr-24
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Analysis
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SBI Life Insurance Company
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Healthy growth
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SBI Life Insurance
Company has registered 4% increase in the net profit of Rs 810.80 crore in the
quarter ended March 2024 (Q4FY2024). The company has posted 26% surge in net
premium collection to Rs 25116.47 crore in Q4FY2024, aided by 9% growth in the
renewal business to Rs 13000 crore, while new business premium jumped 51% to Rs
12240 crore in Q4FY2024.
The Company has
maintained its leadership position in Individual Rated Premium of 4440 crore.
There moderate growth in Individual New Business Premium by 7% to Rs 6070 crore
in Q4FY24. New Business Premium (NBP) increased 51% to Rs 12240 crore in
Q4FY24.
Protection
New Business Premium has increased by 10% from Rs 1090 crore in Q4FY23 to Rs 1200
crore in Q4FY24.
Gross
Written Premium (GWP) has grew by 26% to Rs 25240 crore in Q4FY24 mainly due to
51% growth new business premium and 9% growth in Renewal Premium (RP) in
Q4FY24.
Strong growth in 49th
month and 61st month persistency (based on premium considering Regular Premium/
Limited Premium payment under individual category) in FY24 by 241 bps and 295
bps respectively due to our focus on improving the quality of business and
customer retention.
AuM grew by 27% from Rs
307340 crore end March 2023 to Rs 388920 crore end March 2024 with debt-equity
mix of 64:36. Over 95% of the debt investments are in AAA and Sovereign
instruments.
The Company’s net worth
increased by 15% from Rs 13020 crore end March 2023 to Rs 14910 crore end March
2024.
Robust solvency ratio
of 1.96x end March 2024 as against the regulatory requirement of 1.50
indicating strong financial position of the Company.
VoNB increased 5% to Rs 1510 crore for Q4FY24. VoNB margin stands at 28.1% in FY24.
The Company has strong distribution network of 316,038
trained insurance professionals consisting of Agents, CIFs and SPs along with
widespread operations with 1,040 offices across country.
The Company has diversified distribution network
comprising of strong bancassurance channel, agency channel and others
comprising of corporate agents, brokers, micro agents, common service centers,
insurance marketing firms, web aggregators and direct business.
APE channel mix for FY24 is bancassurance channel 62%,
agency channel 25% & other channels 13%.
NBP of Agency channel has increased by 22% to Rs 6710
crore in FY24 and NBP of Banca channel has increased by 11% to Rs 19710 crore
in FY24 as compared to same period last year.
Indian
Embedded Value (IEV) stood at Rs 581.7 end March 2024.
Financial
Performance FY2024
Profit after Tax (PAT) grew by 10% to Rs 1894 crore for
FY24. VoNB increased by 9% to Rs 5550 crore for FY24. VoNB margin stands at
28.1% in FY24.
The Company has maintained its leadership position in
Individual Rated Premium of Rs 17230 crore with 23.3% private market share in
FY24.
Individual New Business Premium surged 14% to Rs 23830
crore in FY24. New Business Premium
(NBP) has grew by 29% to Rs 38240 crore in FY24.
Protection New Business Premium has increased by 15% from
Rs 3640 crore in FY23 to Rs 4170 crore in FY24 due to growth in group
protection business by 22% to Rs 3210 crore in FY24.
Gross Written Premium (GWP) has grew by 21% to Rs 81430
crore in FY24 mainly due to 44% growth in Single Premium (SP) and 14% growth in
Renewal Premium (RP) in FY24.
Total Cost ratio for FY24 is
8.9% against 9.6% for FY23. Commission ratio for FY24 is 4.0% against 4.5% for
FY23. Operating Expense ratio for FY24 is 4.9% against 5.1% in FY23.
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SBI Life Insurance:
Results Policyholders Account
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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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Premium earned (net)
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25116.47
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19896.92
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26
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80587.10
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66581.00
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21
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Income from
Investments
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10811.70
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1186.13
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812
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50366.63
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13260.14
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280
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Other income
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11.75
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14.86
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-21
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50.10
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49.85
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1
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Contribution from the
Shareholders` account
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1627.58
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1707.49
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-5
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1627.58
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1707.49
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-5
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Total Income
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37567.50
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22805.40
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65
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132631.41
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81598.48
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63
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Commission
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851.39
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871.40
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-2
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3105.10
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2935.96
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6
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Op. expenses related
to Insurance business
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825.05
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1001.78
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-18
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4132.11
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3536.00
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17
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Others
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266.17
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234.52
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13
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928.29
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832.32
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12
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Benefits paid (Net)
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14823.33
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9123.16
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62
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43107.43
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30287.46
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42
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Change in valuation of
policy liabilities
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19076.85
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9604.33
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99
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78431.33
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41003.10
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91
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Provision for taxation
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14.78
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27.96
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-47
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135.68
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147.40
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-8
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Total Expense
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35857.57
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20863.15
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72
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129839.94
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78742.24
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65
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PAT
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1709.93
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1942.25
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-12
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2791.47
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2856.24
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-2
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Transfer to
Shareholders` account
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2157.26
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2302.77
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-6
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2597.65
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2707.15
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-4
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SBI Life Insurance:
Results Shareholders Account
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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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Amounts transferred
from Policyholders` account
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2157.26
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2302.77
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-6
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2597.65
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2707.15
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-4
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Income from
investments
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327.02
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212.83
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54
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1034.06
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795.25
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30
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Total Income
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2484.28
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2515.60
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-1
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3631.71
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3502.40
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4
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Expenses (apart from
Insurance)
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11.78
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11.82
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0
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51.45
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37.23
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38
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Contribution to
policyholders account
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1627.58
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1707.49
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-5
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1627.58
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1707.49
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-5
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Others
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8.57
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2.70
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217
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10.57
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-0.76
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-1491
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Total Expenses
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1647.93
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1722.01
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-4
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1689.60
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1743.96
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-3
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PBT
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836.35
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793.59
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5
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1942.11
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1758.44
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10
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Tax
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25.55
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16.74
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53
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48.33
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37.87
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28
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PAT
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810.80
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776.85
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4
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1893.78
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1720.57
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10
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EPS (Rs)*
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32.4
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31.0
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18.9
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17.2
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Embedded Value (Rs)
per share
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581.7
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460.0
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581.7
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460.0
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* on current equity of
Rs 1001.47 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit
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Figures in crore,
Source: Capitaline Corporate Database
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