Religare Enterprises Ltd

₹ 304 -0.74%

13 Dec - close price

About

Religare Enterprise Ltd, incorporated in 1984, is a diversified financial services company with presence all over India, operating through its subsidiaries. The Co. provides loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. REL’s subsidiaries service over 11 lakh clients from over 1,275 locations having presence in more than 400 cities.^[1]^[2]

Key Points

Services
A)Lending (15% of the revenue in FY21) Lending and Investments, Financial Advisory Services, Distribution of Third-Party Financial Products. The Co. provides SME Finance through Religare Finvest Ltd.(RFL) and Affordable Housing Finance through Religare Housing Development Finance Corporation Ltd.(RHDFCL)
B)Health Insurance (74.5% of the revenue) Offers products in the retail segment for Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates through Care Health Insurance Limited (formerly known as Religare Health Insurance Co. Ltd.)^[1]
C)Retail Broking (8.5% of the revenue)Broking in Securities and Commodities, Custodial and Depository Operations, PMS, Institutional Equities and Investment Banking Services through Religare Broking Ltd.^[2] ^[3]

Website BSE NSE

Market Cap ₹ 10,036 Cr.
Current Price ₹ 304
High / Low ₹ 307 / 201
Stock P/E 109
Book Value ₹ 74.2
Dividend Yield 0.00 %
ROCE 9.24 %
ROE 5.32 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 4.09 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Earnings include an other income of Rs.300 Cr.
Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance & Investments

Part of BSE Financial Services Nifty Microcap 250 BSE Allcap Nifty Total Market BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	795	827	953	951	1,164	1,165	1,396	1,285	1,584	1,511	1,856	1,710	1,952
	1,058	921	824	923	1,117	1,020	1,149	1,147	1,483	1,455	1,833	1,653	1,876
Operating Profit	-263	-94	128	28	47	145	247	138	101	56	23	57	76
OPM %	-33%	-11%	13%	3%	4%	12%	18%	11%	6%	4%	1%	3%	4%
	93	54	3	101	19	3	3,354	18	1	27	249	5	19
Interest	190	197	181	189	197	213	29	26	25	24	18	13	13
Depreciation	13	14	14	14	13	14	14	19	18	18	17	16	15
Profit before tax	-373	-250	-63	-75	-144	-79	3,557	112	59	41	236	33	67
Tax %	8%	0%	826%	1%	22%	22%	1%	17%	32%	18%	23%	18%	-2%
	-404	-251	-588	-76	-177	-96	3,517	93	40	34	181	27	68
EPS in Rs	-13.49	-7.84	-19.20	-2.38	-6.49	-3.62	107.61	1.94	0.78	0.59	3.80	0.55	1.55
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	3,762	3,361	4,128	4,895	3,709	2,675	2,371	2,384	2,513	3,227	4,679	6,266	7,028
	1,460	1,585	2,006	3,710	1,659	2,841	3,005	2,341	2,235	3,592	4,196	5,898	6,816
Operating Profit	2,302	1,775	2,122	1,184	2,050	-167	-634	43	278	-364	483	368	212
OPM %	61%	53%	51%	24%	55%	-6%	-27%	2%	11%	-11%	10%	6%	3%
	-777	25	58	1,012	-316	60	10	-157	17	137	3,473	263	300
Interest	1,722	1,584	1,658	1,879	1,840	1,271	854	855	733	750	641	112	69
Depreciation	60	34	37	36	31	30	26	61	59	53	56	72	65
Profit before tax	-258	182	485	282	-136	-1,407	-1,504	-1,030	-497	-1,031	3,259	448	377
Tax %	87%	85%	34%	79%	-10%	-16%	-0%	1%	-4%	49%	3%	22%
	-481	27	321	61	-124	-1,181	-1,501	-1,038	-478	-1,539	3,169	347	310
EPS in Rs	-37.09	-4.63	8.62	-2.67	-9.77	-58.56	-59.33	-36.12	-19.60	-48.43	95.24	7.06	6.49
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	21%
3 Years:	36%
TTM:	29%

Compounded Profit Growth
10 Years:	11%
5 Years:	16%
3 Years:	31%
TTM:	-64%

Stock Price CAGR
10 Years:	0%
5 Years:	48%
3 Years:	28%
1 Year:	38%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	149	150	178	178	178	178	217	258	259	319	324	330	330
Reserves	2,970	2,982	3,705	3,660	2,549	1,658	616	-157	-306	-1,301	1,734	2,013	2,121
	13,421	14,073	16,491	20,247	14,956	9,945	6,717	5,356	4,940	4,878	841	443	206
	3,755	3,920	5,064	3,344	3,355	2,081	2,023	2,673	3,832	5,467	5,193	6,789	7,620
Total Liabilities	20,295	21,125	25,439	27,429	21,038	13,862	9,573	8,130	8,725	9,362	8,092	9,575	10,276
	1,822	1,981	2,128	1,785	103	80	83	175	117	127	196	161	157
CWIP	4	12	4	4	12	11	14	13	12	2	5	6	0
Investments	2,419	3,344	4,363	2,700	1,983	1,197	1,438	2,023	3,190	3,836	5,094	6,718	7,584
	16,049	15,788	18,944	22,941	18,940	12,574	8,038	5,919	5,406	5,397	2,797	2,690	2,536
Total Assets	20,295	21,125	25,439	27,429	21,038	13,862	9,573	8,130	8,725	9,362	8,092	9,575	10,276

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2,936	1,634	-706	-2,154	5,871	5,802	3,555	2,433	1,373	1,596	1,506	1,500
	-730	-403	-612	499	2,149	-457	-31	-436	-1,181	-689	-939	-1,348
	-2,326	-1,400	1,094	1,853	-7,696	-6,455	-3,819	-1,743	-314	559	-2,079	-156
Net Cash Flow	-120	-169	-224	198	324	-1,110	-295	254	-122	1,466	-1,512	-4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	47	52	52	35	60	42	53	14	28	21	14	14
Inventory Days
Days Payable
Cash Conversion Cycle	47	52	52	35	60	42	53	14	28	21	14	14
Working Capital Days	265	104	56	42	26	-118	-98	-267	-264	-387	-275	-291
ROCE %	11%	11%	11%	9%	10%	-1%	-7%	-0%	4%	-6%	16%	9%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	19.31%	19.59%	18.99%	19.60%	18.79%	18.30%	19.48%	11.75%	9.89%	7.91%	8.49%	8.01%
	1.47%	2.38%	3.82%	5.63%	7.18%	7.42%	7.00%	7.84%	7.75%	8.17%	10.99%	13.43%
	79.22%	78.03%	77.19%	74.77%	74.02%	74.27%	73.52%	80.41%	82.36%	83.92%	80.51%	78.56%
No. of Shareholders	52,700	57,189	55,613	55,222	59,752	59,292	57,939	61,535	69,311	84,527	83,050	79,946

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	50.93%	3.08%	1.04%	0.88%	0.31%	0.00%	0.00%	0.00%	0.00%
	12.35%	23.61%	21.44%	18.27%	16.46%	19.59%	18.30%	7.91%	8.01%
	8.22%	17.05%	14.69%	5.47%	6.13%	2.38%	7.42%	8.17%	13.43%
	28.51%	56.26%	62.82%	75.38%	77.11%	78.03%	74.27%	83.92%	78.56%
No. of Shareholders	23,670	49,278	45,087	41,105	42,813	57,189	59,292	84,527	79,946

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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