Religare Enterprises Ltd

₹ 247 -0.65%

22 Nov - 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 ₹ 8,164 Cr.
Current Price ₹ 247
High / Low ₹ 298 / 201
Stock P/E
Book Value ₹ 64.1
Dividend Yield 0.00 %
ROCE -2.01 %
ROE -3.06 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 3.86 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -18.8% over past five years.
Company has a low return on equity of -1.66% over last 3 years.
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 Allcap BSE Financial Services Nifty Microcap 250 Nifty Total Market BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	2.15	8.25	5.77	4.40	7.30	5.94	6.01	2.11	3.27	3.61	3.23	2.87	3.43
	15.30	10.32	14.10	19.38	14.39	14.13	8.53	12.79	16.07	23.61	13.81	17.25	20.47
Operating Profit	-13.15	-2.07	-8.33	-14.98	-7.09	-8.19	-2.52	-10.68	-12.80	-20.00	-10.58	-14.38	-17.04
OPM %	-611.63%	-25.09%	-144.37%	-340.45%	-97.12%	-137.88%	-41.93%	-506.16%	-391.44%	-554.02%	-327.55%	-501.05%	-496.79%
	6.27	0.31	2.67	2.21	3.80	2.88	23.95	6.14	1.77	1.89	3.65	5.27	19.43
Interest	0.78	0.05	0.28	0.27	0.88	5.50	5.58	6.16	6.26	6.44	6.55	6.72	6.43
Depreciation	0.34	0.34	0.74	0.70	0.71	0.72	0.87	1.53	1.39	1.42	1.51	1.41	1.34
Profit before tax	-8.00	-2.15	-6.68	-13.74	-4.88	-11.53	14.98	-12.23	-18.68	-25.97	-14.99	-17.24	-5.38
Tax %	-2.88%	-27.91%	0.00%	0.00%	0.00%	0.00%	-0.20%	-51.84%	0.00%	-0.69%	0.00%	-8.06%	-274.91%
	-7.77	-1.55	-6.67	-13.73	-4.89	-11.54	15.02	-5.89	-18.68	-25.79	-14.99	-15.84	9.41
EPS in Rs	-0.24	-0.05	-0.21	-0.43	-0.15	-0.36	0.46	-0.18	-0.58	-0.78	-0.45	-0.48	0.28
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	122	190	114	497	35	57	33	21	114	28	31	12	13
	128	92	11	8	30	346	136	194	49	52	53	66	75
Operating Profit	-7	98	103	490	5	-290	-102	-174	64	-25	-22	-54	-62
OPM %	-5%	52%	91%	98%	13%	-508%	-307%	-845%	57%	-88%	-71%	-459%	-472%
	-711	6	0	-279	-7	15	2	-130	5	2	27	13	30
Interest	35	223	194	110	156	57	45	6	4	2	12	25	26
Depreciation	3	3	3	2	0	2	1	1	1	2	3	6	6
Profit before tax	-755	-122	-93	99	-158	-333	-146	-310	64	-27	-10	-72	-64
Tax %	1%	6%	11%	16%	1%	-2%	0%	0%	1%	-3%	-0%	-9%
	-761	-130	-104	84	-159	-326	-146	-310	64	-26	-10	-65	-47
EPS in Rs	-50.93	-8.66	-5.80	4.70	-8.93	-18.28	-6.73	-12.02	2.47	-0.82	-0.32	-1.98	-1.43
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-24%
5 Years:	-19%
3 Years:	-53%
TTM:	-24%

Compounded Profit Growth
10 Years:	-3%
5 Years:	9%
3 Years:	%
TTM:	-124%

Stock Price CAGR
10 Years:	-3%
5 Years:	36%
3 Years:	13%
1 Year:	13%

Return on Equity
10 Years:	-5%
5 Years:	-2%
3 Years:	-2%
Last Year:	-3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	2,004	1,880	2,253	2,337	1,679	1,330	1,347	1,252	1,320	1,819	1,818	1,793	1,787
	1,307	1,807	750	844	1,302	548	381	333	339	93	219	140	39
	1,634	1,744	2,578	1,248	892	186	268	307	168	255	34	141	112
Total Liabilities	5,095	5,581	5,759	4,607	4,051	2,243	2,212	2,151	2,085	2,486	2,394	2,405	2,269
	9	5	2	1	0	2	1	2	4	15	16	20	17
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	4,897	5,079	5,319	4,338	3,940	2,121	2,112	2,066	1,960	2,284	2,265	2,261	2,209
	189	497	438	268	111	119	98	82	122	187	113	124	43
Total Assets	5,095	5,581	5,759	4,607	4,051	2,243	2,212	2,151	2,085	2,486	2,394	2,405	2,269

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	8	-67	479	-93	93	-262	-26	-10	-1	-19	-35	-75
	-1,143	-116	0	0	-51	493	-86	-53	-63	-311	43	13
	1,155	229	-552	94	-41	-233	115	60	74	320	25	36
Net Cash Flow	20	47	-73	1	1	-1	3	-3	10	-10	33	-27

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Days
Days Payable
Cash Conversion Cycle	0	0	0	0	0	0	0	0	0	0	0	0
Working Capital Days	282	-724	-2,094	52	-4,047	-576	-866	-4,043	-363	-2,632	285	-3,271
ROCE %	3%	5%	3%	4%	0%	-11%	-5%	-7%	4%	-1%	0%	-2%

Shareholding Pattern

Numbers in percentages

1 Recently

	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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