Religare Enterprises reports net profit at Rs 20 cr in March quarter

Religare Enterprises on Thursday posted Rs 20 crore profit on a standalone basis for the fourth quarter ended March 2023.

The company had registered a net loss of Rs 7 crore in the January-March quarter of the preceding fiscal.

The total income increased to Rs 41 crore against Rs 8 crore in the same quarter a year ago, Religare Enterprises said in a regulatory filing.

Its total expenses swelled to Rs 21 crore against Rs 15 crore earlier, it added.

On a consolidated basis, Religare Enterprises posted a loss of Rs 3,517 crore for the fourth quarter against a loss of Rs 588 crore a year ago.

The company continues to be barred from declaring dividends as per an RBI letter issued in December 2019, it said.

Last month, Religare Enterprises said it will acquire Indian Express Group's insurance web aggregator MyInsuranceClub in an all-cash deal.

The company said in a statement that it has signed a share purchase agreement for the proposed acquisition of MyInsuranceClub from iGear Holdings Pvt, part of The Indian Express Group.

Religare Group said that the proposed acquisition, which is subject to regulatory approvals, is in line with the group's strategy to further the growth of the insurance business and emerge as a stronger player.