Religare Enterprises Limited, a diversified financial services company, has announced its consolidated financial results for the quarter ended December 2024. According to the results, the company’s net sales have increased by 10.19% year-on-year (Y-o-Y) to Rs 1,664.43 crore.
The company’s revenue growth was driven by a 14.11% increase in the sales of its insurance business, which accounted for 71.21% of its total revenue. The insurance business recorded a premium income of Rs 1,182.53 crore, up from Rs 1,037.44 crore in the same quarter last year.
The company’s health insurance business, which accounts for the majority of its insurance business, recorded a growth of 16.14% Y-o-Y. The company’s non-life insurance business, which includes general insurance and other miscellaneous products, recorded a growth of 8.22% Y-o-Y.
In addition to its insurance business, Religare Enterprises’ asset management and wealth management businesses also contributed to its revenue growth. The company’s asset management business recorded a growth of 7.33% Y-o-Y, while its wealth management business recorded a growth of 6.19% Y-o-Y.
Despite the revenue growth, Religare Enterprises’ net profit for the quarter ended December 2024 declined by 4.56% Y-o-Y to Rs 103.12 crore. The company’s net profit was impacted by an increase in operating expenses and a decline in the yield on its investments.
In a statement, Religare Enterprises’ Managing Director, Ramesh Agarwal, said that the company’s financial performance was satisfactory, considering the challenging market conditions. He added that the company is focused on growing its insurance business and expanding its presence in the asset management and wealth management segments.
Overall, Religare Enterprises’ financial results for the quarter ended December 2024 demonstrate the company’s ability to grow its revenue despite the challenges posed by the pandemic. The company’s insurance business remains a key driver of its growth, and its efforts to expand its presence in the asset management and wealth management segments are likely to benefit the company in the long term.