“Religare Enterprises Limited (REL), a leading diversified financial services group in India, has reported robust financial results for the quarter and year ending March 31, 2024. The announcement was made following the Board of Directors meeting on May 21, 2024.”
Key Outcome: “REL’s consolidated revenue for Q4 FY24 grew by 28% to Rs 1,874 crore compared to Rs 1,460 crore in Q4 FY23. For the entire fiscal year, consolidated revenue increased by 30% to Rs 6,299 crore. The company posted a profit before tax of Rs 217 crore for FY24, a significant turnaround from a loss of Rs 31 crore in FY23.”
Dr. Rashmi Saluja, Executive Chairperson of REL, expressed satisfaction with the company’s strong financial performance, highlighting the substantial growth despite challenges. All four business units reported profitability, with Care Health Insurance and Religare Broking Limited achieving their best performances to date.
Impact Analysis: “Care Health Insurance recorded an all-time high premium collection of Rs 7,022 crore in FY24. The Securities Broking business saw a 29% growth in income, reaching Rs 368 crore for FY24. The Housing Finance segment also reported another profitable year, and Religare Finvest Limited (RFL) became debt-free, ready to resume operations with a positive net worth of Rs 740 crore.”
Dr. Saluja emphasized REL’s optimism about the future, expressing confidence in the company’s ability to continue delivering value to stakeholders. She noted the significant achievements of Care Health Insurance and Religare Broking, including robust profit margins and impressive growth metrics.
REL’s strategic focus and strong execution have resulted in substantial financial gains across its business units. With a commitment to growth and innovation, the company is well-positioned to enhance its leadership in the financial services sector.
For detailed financial results and more information about Religare Enterprises Limited, visit their official website and stay updated on their latest developments and strategic initiatives.
