Shares of this diversified financial services group increased by 2.5% on the NSE after it repaid Rs. 163.75 crores for an outstanding term loan and interest, thus attaining debt-free status.
Stock Price Variations:
With a market capitalization of Rs. 8,960.91 crores the shares of Religare Enterprises Ltd started the session with a gap up opening of Rs. 273.95 per share above 1.01% from the previous day close of Rs. 271.20 per share and made an intraday high of Rs. 278.45 and closed at Rs 274.25 per share, 1.12% above the previous day’s close.
Reason for Rise:
According to exchange filings, Religare Enterprises Ltd has settled Rs. 163.75 crores towards an outstanding term loan and interest from JM Financial Products Limited and JM Financial Credit Solutions Limited, incurred in 2022. This repayment has allowed the company to achieve debt-free status.
In February 2024, Religare Finvest Ltd (RFL), a wholly-owned subsidiary of Religare Enterprises Limited, also successfully repaid all its external debt, totaling Rs 9,000 crores.
Financial Performance:
For Q1 FY25 the company reported a net profit decrease of 67.78% to Rs. 26.81 crores compared to Rs. 95.53 crores in Q1 FY24, while revenue from operations marked an increase by 33.00% to Rs. 1,709.55 crores from Rs. 1,284.63 crores in comparison to the same period.
About the company:
Religare Enterprises Limited (REL) is a diversified financial services group that provides services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. The company operates in 1,275 locations having presence in more than 400 cities.
It is a zero promoter holding company, with approximately 80.52% of shares held by the public. Domestic Institutional Investors (DIIs) hold about 10.99%, while Foreign Institutional Investors (FIIs) account for around 8.49%.
Written By: Joseph Pv
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