Religare Enterprises stock gains as Q2 profit surges to Rs 40.4 crores

Shares of Religare Enterprises jumped nearly 1 percent in trade on November 6 post reporting Q2 profits at Rs 40.4 crore.

At 11:47 am the Religare Enterprise stock was trading 0.24 percent higher at Rs 231.51 on NSE.

Religare Enterprises, a financial services company, achieved a significant financial turnaround in the quarter ending September FY24. The company reported a consolidated profit of Rs 40.4 crore, a remarkable improvement from the Rs 176.7 crore loss it incurred in the same quarter a year ago, despite experiencing a substantial decline in other income.

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Religare Enterprises has also witnessed an impressive 36 percent year-on-year growth in revenue from operations, reaching Rs 1,584.4 crore during the quarter. Further, the Mumbai-based Religare Enterprises provides diversified financial services in over 400 cities. The services include loans to SMEs, affordable housing finance, health insurance and retail broking.

Recent developments in Religare Enterprises

Meanwhile, the Board of Directors of REL have approved the elevation of Rakesh Asthaana, Group-Head—Corporate Affairs & Business Advisor as Whole Time Director on the Board of the company.

Asthaana is an Indian Police Service (IPS) officer from the 1984 batch of Gujarat cadre. Asthaana superannuated as Police Commissioner of Delhi on July 31, 2022. Prior to this, he had served the nation as Chief of Border Security Force (BSF), Director General of the Bureau of Civil Aviation Security and Director General of Narcotics Control Bureau.

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Religare Enterprise Shareholding Pattern

The ownership of Religare Enterprises shares is divided as follows: 80.42 percent is held by the general public, while Foreign Institutional Investors (FIIs) have 11.75 percent, and Domestic Institutional Investors (DIIs) possess the remaining 7.84 percent stake.

Stock performance

Religare Enterprises stock has given a return of 43.31 percent over the last six months. The benchmark Nifty50 index has given a return of 5.29 percent over the same duration.

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