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SBI Life's Q2FY24 Financial Performance Review

Oct 27, 2023

By: BlinkX Research Team

In this financial performance review, we delve into the results of SBI Life for the second quarter of fiscal year 2024  and analyze key metrics, including revenue, expenses, net profit, and margin.

REVENUE: 
SBI Life reported a total income of ₹28,568 crores for Q2FY24, indicating a steady 3.17% increase sequentially. On a year-on-year basis, the company achieved a 3.79% growth in total income compared to Q2FY23.

EXPENSES: 
Expenses for SBI Life in Q2FY24 amounted to ₹28,204 crores, reflecting a 3.27% increase compared to the preceding quarter. Year-on-year, the company's expenses saw a 3.77% growth, consistent with their business expansion strategies.

NET PROFIT: 
The net profit of SBI Life for Q2FY24 was ₹380 crores, displaying stability with only a marginal decline of -0.26% compared to the preceding quarter. Year-on-year, the company maintained a consistent performance with a 1.06% increase in net profit.

MARGINS: 
SBI Life's margin in Q2FY24 was 1.33%, with a slight decrease of -0.05% compared to the preceding quarter, Q1FY24. Year-on-year, the margin experienced a minor decline of -0.04%, indicating stable profitability in a competitive market.

In conclusion, SBI Life's financial performance in Q2FY24 demonstrates its ability to maintain a stable financial position and profitability. The company's consistent revenue and controlled expenses have contributed to its financial resilience. 

Stay tuned for more detailed updates on SBI Life's financial performance in the coming quarters.