In Q3 2024, The New India Assurance Company Limited (NIACL.NS) reported a revenue of INR 107.13 billion, reflecting a slight decline of 0.39% quarter-over-quarter (QoQ) and a 5.47% decrease year-over-year (YoY). However, net income showcased a notable QoQ increase of 374.67%, reaching INR 3.45 billion, primarily driven by significant tax adjustments that positively impacted the bottom line. Despite a drastic operating income reduction of 87.05% YoY, management emphasized ongoing adjustments in operational efficiencies and cost management strategies aimed at enhancing profitability moving forward.
The company's earnings per share (EPS) was reported at INR 2.12, which is a 51.60% decline compared to the previous year but showcases a remarkable rebound of 393.02% from the last quarter's performance. Management attributed these fluctuations to strategic shifts in underwriting and claims management, and prudently positioned NIACL for more resilient growth in the upcoming quarters.