Religare Enterprises Limited Announces Strong Financial Results for the Quarter and Year Ended 31 March 2024
Religare Enterprises Limited Announces Strong Financial Results for the Quarter and Year Ended 31 March 2024
Bengaluru, 24 May 2024: Religare Enterprises Limited (REL), India’s leading diversified financial services Group, has announced the financial results for the quarter and the year ending 31 March 2024 after the meeting of its Board of Directors on 21 May 2024.
For the quarter, consolidated revenue grew by 28% to Rs 1,874 crore in Q4 FY24 as compared to Rs 1,460 crore in corresponding quarter of the previous year. The Consolidated revenue is Rs 6,299 crore for FY24, up by 30% as compared to the previous year. The Company reported a Profit Before Tax of Rs 217 crore (before exceptional items) as compared to a loss of Rs 31 crore in FY23.
Commenting on the financial performance, Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises Limited said, “We are pleased to announce another year of strong financial performance, further consolidating the leadership position of the company after a significant turnaround last year. Despite certain challenges, REL has stayed on course to grow steadily. All four businesses have reported another profitable year. During the fiscal, Care Health Insurance and Religare Broking Limited have reported their best performance to date. We remain optimistic about the future of all the businesses and are confident in our ability to continue delivering value to all our stakeholders.”
“Care Health Insurance posted an all-time high premium collection of Rs 7,022 crore, in FY24. Our Securities Broking business registered a bumper year of growth with income amounting to Rs 368 crore for FY24, a jump of 29% as compared to the previous year. While the Housing Finance business reported another profitable year our SME lending arm, Religare Finvest Limited (RFL) has become debt free and is ready to start the operations,” she said.
Highlights of the results:
- The Consolidated revenue is Rs 6,299 crore for FY24, up by 30% as compared to the previous year
- The Company reported a Profit Before Tax of Rs 217 crore as compared to a loss of Rs 31 crore in FY23.
Care Health Insurance Limited
- One of the fastest growing and the second largest Standalone Health Insurance Company
- CARE Health Insurance collected an all-time high premium of Rs 7,022 crore, in FY24
- The investments book increased by 31% to Rs 6,633 crore as on 31 March 2024
- One of the best profit margins; the Profit Before Tax grew by 25% and stood at Rs 410 crore
- One of the lowest claims ratio of 58% in the health insurance industry
Religare Broking Limited
- Prolific year for Religare Broking as the total income grew by 29% to Rs 368 crore for FY24 as compared to previous year
- Tailwinds from the market along with exceptional growth in business volume
- The profit before tax was at Rs 55 crore for FY24, up by 143%
- The company achieved a fresh credit rating by CRISIL: Short Term A3+ & Long-Term BBB/ Stable
Religare Housing Development Finance Corporation Limited
- Reported another profitable year
Religare Finvest Limited
- RFL became debt free during the year with a positive net worth of Rs 740 crore as on 31st March 2024. The SME lending arm is business-ready with a robust Go-to-market strategy.
About Religare Enterprises Limited:
Religare Enterprises Limited (REL), a Core Investment Company (CIC) registered with Reserve Bank of India (RBI), is a diversified financial services company. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Banking. REL is listed on the BSE (Bombay Stock Exchange) and National Stock Exchange (NSE) in India. The Religare Group (REL & subsidiaries) reaches over 1 million policyholders in insurance business, 1 million plus broking customers, more than 26,000 customers in MSME finance and over 10,000 customers in affordable housing finance. The Group employs more than 11,000 professionals servicing this diversified customer base with a presence in over 1,000 locations across India.
