The New India Assurance Company posts Q4 net loss of Rs 543.35 cr
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The company reported standalone net loss during the quarter stood at Rs 543.35 crore compared to net profit of Rs 241.39 crore in the previous year quarter. Net revenue of the company rose three fold by 1052.19 per cent at Rs 6,328.52 crore in January-March quarter of this fiscal as against Rs 549.26 crore in the corresponding period last year.
During January-March quarter, operating expenses increased by 3528.26 per cent to Rs 8,246.30 crore from Rs 227.28 crore in year ago period. Other Income grew by 353.59 per cent at Rs 58.83 crore versus (Mar'21 Rs 12.97 crore). Operating Profit slipped by 322.76 per cent to Rs -717.25 crore as against Rs 321.98 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 119.33 per cent in March quarter. Taxation decreased by 222.99 per cent at Rs -115.07 crore (Mar'21 Rs 93.56 crore).
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