Religare Enterprises announced strong Q4FY24 results with consolidated revenue reaching Rs 1,874 crore, up by 28 per cent from Rs 1,460 crore recorded in the corresponding quarter of the previous year.
On annual basis, the revenue figure surged to Rs 6,299 crore witnessing a 30 per cent increase.
The company reported a Profit Before Tax of Rs 217 crore, a significant turnaround from the earlier recorded Rs 31 crore loss in FY23.
Religare's insurance arm, CARE Health Insurance, recorded an all-time high premium collection of Rs 7,022 crore. As per the regulatory filing, the investments book expanded by 31 per cent to Rs 6,633 crore by March 31, 2024. The profit-before-tax figure was up by 25 per cent to Rs 410 crore.
“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,” Rashmi Saluja, Executive Chairperson, Religare Enterprises Limited said.
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, she added.
On the brokerage front, total income surged by over 29 per cent to Rs 368 crore in FY24 as compared to the previous year. Religare Broking's profit before tax figure soared to Rs 55 crore, up by 143 per cent.
The company also attained a fresh credit rating from CRISIL, securing short-term A3+ and Long-Term BBB/Stable ratings.
On an annual basis, the shares of Religare Enterprises have delivered a return of almost 25 per cent on the National Stock Exchange.
