SBI Life Insurance Q3 net profit down 40.26% at Rs 232.85 cr
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The company reported standalone net profit of Rs 232.85 crore for the quarter ended December 31, 2020 as compared to Rs 389.77 crore in the same period last year, registering a year-on-year decline of 40.26 per cent. Net revenue of the company declined substantially by 75.73 per cent at Rs 65.71 crore in October-December quarter of this fiscal as against Rs 270.74 crore in the corresponding period last year. During October-December quarter, operating expenses dropped by 83.12 per cent to Rs 8.68 crore from Rs 51.43 crore in year ago period.
Other Income grew by 2.56 per cent at Rs 1.60 crore versus (Dec'19 Rs 1.56 crore). Operating Profit slipped by 41.15 per cent to Rs 231.48 crore as against Rs 393.35 crore in the year ago period, while Operating Profit Margin (OPM) expanded year-on-year to 142.47 per cent in December quarter. Taxation decreased by 95.53 per cent at Rs 0.23 crore (Dec'19 Rs 5.14 crore).
