Religare Enterprises Limited (REL), a diversified financial services company, has reported a 95 per cent decline in consolidated net profit for the quarter ended March 31, 2024 at ₹181 crore (₹3,517 crore). In the December quarter, REL’s consolidated net profit stood at ₹336 crore.

For the quarter under review, consolidated total revenues grew 28 per cent to ₹1,874 crore (₹1,460 crore), filing with the stock exchanges showed. In the December 2024 quarter, REL’s total revenues stood at ₹1,537 crore.

For the entire fiscal 2023-24, consolidated revenue was up 30 per cent at ₹6,299 crore. Consolidated net profit in 2023-24 stood at ₹347 crore (₹3,168 crore).

Commenting on the financial performance, Rashmi Saluja, Executive Chairperson, REL, 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.”

Health insurance biz

She highlighted that Care Health Insurance posted an all-time high premium collection of ₹7,022 crore, in FY24. “Our Securities Broking business registered a bumper year of growth with income amounting to ₹368 crore for FY24, a jump of 29 per cent”, Saluja said.

While the Housing Finance business reported another profitable year, the SME lending arm, Religare Finvest Limited (RFL) has become debt free and is ready to start the operations, she added. 

Care Health Insurance recorded a 24 per cent increase in net profit for the financial year ended March 31, 2024 at ₹305 crore (₹246 crore). 

On the other hand, Religare Broking Ltd in 2023-24 recorded net profit of ₹38.9 crore — up 163 percent over net profit of ₹14.8 crore in 2022-23.