Shikhar Insurance net profit rises by 10.26% to Rs 36.33 crore in Q3; Company to issue 30% right shares
Thu, May 13, 2021 6:13 AM on Financial Analysis, Latest,
Shikhar Insurance Company Limited (SICL) has published its third-quarter report of the fiscal year 2077/2078 with an increase in net profit by 10.26% compared to the corresponding quarter of the previous year. The company’s net profit increased to Rs. 36.33 crores in this quarter from Rs. 32.95 crores in the corresponding quarter.
As per the unaudited report for the third quarter published today, Shikhar Insurance has a paid-up capital of Rs. 1.75 Arba with a reserve of Rs. 61.76 crores. The company has an insurance fund of Rs. 1.23 arba.
Note: The 27.77% bonus shares proposed and approved by the 15th and 16th AGM is already adjusted in the published quarterly report and the agendas to issue 30% right shares is also approved by the AGM and Beema Samiti and the further process has been started.
The Net Premium rose by 11.97% to Rs. 1.08 arba in FY 2077/2078 from Rs. 96.68 crores in the corresponding quarter of the previous year. The company has earned Rs. 13.35 crores from income from investment, loans, and other headings.
The company’s net claim decreased by 1.91% to Rs. 64.02 crores in this quarter. The company’s number of policies stood at 211,996 till Q3 of 2077/2078.
Its annualized earnings per share (EPS) stood at Rs. 27.55 whereas Net worth per share stood at Rs. 210.94. The company traded at a P/E multiple of 69.70 times.
Major Highlights:
| Particulars (In Rs '000") | Shikhar Insurance | ||
|---|---|---|---|
| Q3 2077/78 | Q3 2076/77 | Difference | |
| Paid Up Capital | 1,758,524 | 1,057,311 | 66.32% |
| Reserve and Surplus | 617,671 | 765,651 | -19.33% |
| Insurance Fund | 1,238,971 | 1,057,311 | 17.18% |
| Contingent Fund | 94,344.00 | 94,344.00 | 0.00% |
| Gross Premium | 2,965,799 | 2,600,933 | 14.03% |
| Net Premium | 1,082,486 | 966,801 | 11.97% |
| Re-Insurance Commission Income | 464,901 | 476,320 | -2.40% |
| Income from Investment, Loan and others | 133,589 | 103,969 | 28.49% |
| Claim Payment (Net) | 640,240 | 652,699 | -1.91% |
| Agent Commission | 22,441 | 20,691 | 8.45% |
| Gross Profit | 496,053 | 444,908 | 11.50% |
| Net Profit | 363,321 | 329,519 | 10.26% |
| No of Policies | 211,996 | 235,563 | -10.00% |
| EPS (In Rs.) | 27.55 | 41.55 | -33.71% |
| Net Worth per Share (In Rs.) | 210.94 | 281.34 | -25.02% |
| Qtr End PE Ratio | 69.70 | - | - |
| Qtr End Market Price | 1,920.00 | - | - |
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