New India Assurance reports PAT at Rs491 crore; stock tumbles ~2%

14 Feb 2022 , 11:23 AM

New India Assurance Ltd., a market leader in the non-life insurance space, announced its results for the quarter and nine months ended December 2021 and has reported marginal growth in performance with a slight decrease in its profits.

Its PAT stood at Rs491 for the quarter ended December 2021, reporting a decline of 5.8% yoy over the previous corresponding quarter as against Rs521 crore.

The stock sheds 2.12% in today’s trade at Rs134 against its previous closing price of Rs136.90. It touched day’s high and low of Rs135.35 and Rs132.60 respectively. Its scrip remained near its 52-week low of Rs131.80.

The company reported a total income of Rs8,860.62 crore during the period ended December 31, 2021, as against Rs9,041.74 crore during the previous quarter. Income for the quarter ended December 2020 stood at Rs7,982.74 crore. It reported a growth of 11% yoy, and a decline of 2% QoQ.

The company’s EPS narrowed to Rs3.05 for Q3FY22 against Rs3.19 for the previous corresponding quarter.