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Religare Enterprises Ltd.

BSE: 532915 Sector: Financials
NSE: RELIGARE ISIN Code: INE621H01010
BSE 00:00 | 17 Sep 174.40 3.65
(2.14%)
OPEN

171.50

HIGH

177.80

LOW

166.40

NSE 00:00 | 17 Sep 174.40 3.35
(1.96%)
OPEN

171.10

HIGH

177.75

LOW

166.15

OPEN 171.50
PREVIOUS CLOSE 170.75
VOLUME 214073
52-Week high 177.80
52-Week low 40.75
P/E
Mkt Cap.(Rs cr) 5,547
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 171.50
CLOSE 170.75
VOLUME 214073
52-Week high 177.80
52-Week low 40.75
P/E
Mkt Cap.(Rs cr) 5,547
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Religare Enterprises Ltd. (RELIGARE) - Chairman Speech

Company chairman speech

Dear Shareholders

We at Religare truly believe that businesses built through passionperspiration perseverance and preserving our values shall always be successful in longrun. Our path to success may be filled with roadblocks but we see them as stepping stonesto go farther and higher. In this continuous journey the new Board and Management atReligare Enterprises Limited (REL) is leaving no stone unturned to reinvent the ReligareGroup by strategically reviving and growing different businesses of your Company.

As you know your Company has three key businesses under itssubsidiaries i.e. Insurance Lending and Retail Broking and each of them achieved criticalbusiness objectives in Financial Year 2019- 20 (FY20). Our Insurance subsidiary CareHealth Insurance Limited

(CHIL) (formerly known as Religare Health Insurance Company Limited)has crossed the gross written premium of Rs 2400 crore in FY20 achieving 31% growth incomparison to last year. CHIL is one of the fastest growing insurance company in Indiawhich has turned profitable within 8 years of operations; the PAT for FY20 was Rs 66crore. CHIL also raised equity capital of Rs 58.5 crore in FY20 and recently in June 2020it received primary investment of Rs 300 crore from a marquee private equity fund. RELcurrently holds 71.84% equity stake in CHIL.

The MSME lending NBFC and wholly owned subsidiary of REL ReligareFinvest Limited (RFL) has taken several important actions during the year to correct itsasset liability mismatch and resume normal business operations. RFL which is underReserve Bank of India's (RBI) Corrective Action Plan (CAP) focused vigorously on itscollections and recovery efforts and repaid Rs 1517 crore to its lenders during FY20. RFLhad put together a Debt Restructuring Plan (DRP) which was approved by a majority of itslenders in FY20. Linder June 7 2019 circular of RBI a strategic investor was acquiringthe business however the investor could not get the regulatory approval for thetransaction. Nevertheless RFL is again making renewed efforts working with lendersinvestors and regulator towards its full-fledged revival. Our affordable Housing Financebusiness is still in nascent form with a loan book of Rs 603 crore and it is profitablemaking a PAT of Rs 4.9 crore in FY20.

The Retail Broking business is primarily undertaken by Religare BrokingLimited (RBL) a wholly owned subsidiary of REL. RBL has more than 900 points of presencespanning 400+ towns and cities across the length and breadth of India and it services morethan 1 million unique customers. During FY20 the turnover of Broking business increasedby ~ 6% and RBL reported consolidated revenue of Rs 220 crore. RBL is investing inProducts and Technology and more than 60% of its transaction are now moved to onlinechannels. We expect coming year to be a turnaround year for Broking business on bothvolume and profitability fronts.

During FY20 your Company also received primary capital of Rs 161.5crore as warrant conversion money and Rs 200 crore from the sale of 6.39 % stake in CHIL.The Company utilized these funds in paying of its obligations and investing insubsidiaries. During the year your Company actively pursued all legal and recovery casesand also amicably settled past disputes which were acting as bottlenecks in Company'sgrowth. The legal case with a Private Bank and Marquee PE investors of RFL were alsosettled & closed amicably by your Company.

I strongly feel that we have now set a very strong foundation for theGroup in terms of capital governance leadership culture business strategy andoperations and this would usher us towards an era of growth and profitability. I amconfident that the true value and potential of your Company will surely be unlocked incoming times. I express my sincere thanks to all shareholders for supporting the Companyin all its efforts.

Stay safe and stay healthy.

With Best Regards

Dr. Rashmi Saluja

Executive Chairperson

.