The New India Assurance Company Q2 results: profit at ₹89.7Cr, Revenue increased by 2.51% YoY

The New India Assurance Company Q2 Results Live : The New India Assurance Company declared its Q2 results on October 30, 2024, reporting a profit of ₹89.7 crore. This marks a significant turnaround from the previous fiscal year's Q2, where the company posted a loss of ₹176.13 crore. The topline for the quarter saw a modest increase of 2.51% year-on-year, and revenue grew by 2.73% compared to the previous quarter.

In terms of expenses, the company reported a decline in selling, general, and administrative expenses, which dropped by 16.25% quarter-on-quarter and by 21.06% year-on-year. This reduction in costs has likely contributed to the improved profitability in the current quarter.

However, the operating income saw a significant drop, decreasing by 88.06% quarter-on-quarter, while it did manage to increase by 39.53% year-on-year. The earnings per share (EPS) stood at ₹0.57 for Q2, reflecting a remarkable increase of 155.08% year-on-year.

Despite the positive results for the quarter, The New India Assurance Company's stock performance remains under pressure. Over the past week, the company has delivered a -1.12% return, with returns of -18.09% over the last six months and -6.85% year-to-date.

The company's current market capitalization is ₹32,290.91 crore, with a 52-week high of ₹324.7 and a low of ₹133. As of November 1, 2024, among the analysts covering the stock, one has given a 'Sell' rating while another has issued a 'Buy' rating.