Shikhar Insurance Net Profit Soars by 126.88% in Q4 FY 2080/81, Reaching Rs. 51.30 Crores; Net Premiums Rise by 13.32%
Wed, Aug 14, 2024 9:39 AM on Latest, Financial Analysis, Company Analysis,
Shikhar Insurance Company Limited (SICL) has reported an exceptional financial performance for the fourth quarter of the fiscal year 2080/2081, with net profit soaring by 126.88% to Rs. 51.30 crores. This remarkable growth marks a significant leap from the Rs. 22.61 crores recorded in the same quarter of the previous fiscal year.
SICL's financial strength is highlighted by its paid-up capital of Rs. 2.65 Arba, complemented by strong reserves, including Rs. 31.51 crores in retained earnings, Rs. 60.14 crores in other equity, Rs. 14.12 crores in catastrophe reserves, and a substantial Rs. 1.71 Arba in special reserves.
The company also witnessed a significant 13.32% increase in net premiums, totaling Rs. 1.56 Arba, further contributing to its strong financial performance. Additionally, SICL generated Rs. 33.41 crores from investments, loans, and other financial activities, showcasing its diversified income streams and effective asset management.
Despite facing a 9.82% decline in net claims, which amounted to Rs. 94.97 crores, SICL has successfully bolstered its investment portfolio, now valued at Rs. 4.61 Arba. The company’s key financial metrics highlight its impressive performance, with earnings per share (EPS) standing at Rs. 19.32 and a net worth per share of Rs. 204.59.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Shikhar Insurance | ||
|---|---|---|---|
| Q4 2080/81 | Q4 2079/80 | Difference | |
| Paid Up Capital | 2,654,947.30 | 2,654,947.30* | 0.00% |
| Share Premium | 0.00 | 0.00 | - |
| Special Reserve | 1,718,833.68 | 1,462,322.73* | 17.54% |
| Catastrophe Reserves | 141,272.00 | 115,620.91* | 22.19% |
| Retained Earnings | 315,185.90 | 89,456.26* | 252.34% |
| Other Equity | 601,483.32 | 564,419.37* | 6.57% |
| Insurance Fund | 5,155,305.31 | 5,062,237.86* | 1.84% |
| Investment | 4,615,391.31 | 4,186,715.99* | 10.24% |
| Net Premium | 1,561,283.21 | 1,377,793.07 | 13.32% |
| Income from Investment, Loan and others | 334,155.76 | 375,393.27 | -10.99% |
| Claim Payment (Net) | 949,745.14 | 1,053,109.49 | -9.82% |
| Commission Expenses | 58,933.65 | 28,806.73 | 104.58% |
| Net Profit | 513,021.90 | 226,125.32 | 126.88% |
| No of Policies | 317,157.00 | 298,066.00 | 6.40% |
| EPS (In Rs.) | 19.32 | 8.52 | 126.88% |
| Net Worth per Share (In Rs.) | 204.59 | 184.06 | 11.15% |
