Dear Shareholders,
In the face of global geopolitical challenges that disrupted demand,
escalated fuel prices, and strained foreign exchange rates, India has demonstrated
remarkable resilience, maintaining its growth momentum. With stable macroeconomic
conditions, a strong global perception, and a resilient currency, India stands out as an
attractive destination for investors. Additionally, the banking sector has witnessed a
significant turnaround, with asset quality improving and the Gross Non-Performing Assets
(GNPA) ratio dropping to its lowest level in a decade. These factors collectively
highlight the robustness of India's economic framework and the effectiveness of its
growth strategies.
Our financial performance in FY24 reflects the strength of our business
platform and our strategic positioning within the financial services industry. With a
robust total income of ' 6,299 Crore in FY24, up from ' 4,863 Crore in FY23, we have
demonstrated significant growth. This achievem+ent underscores our ability to capitalize
on the vast, untapped opportunities within the sector. The remarkable increase in our
income is a testament to the effectiveness of our strategies and the solid foundation we
have built.
We are pleased to report that during the year, we have strategically
expanded our business portfolio by acquiring MIC Insurance Web Aggregator, making it a
wholly-owned subsidiary of Religare Enterprises Limited (REL). This acquisition aligns
with our commitment to strengthening our presence in the insurance sector. MIC Insurance
Web is an IRDAI-registered entity that we believe will contribute significantly to our
growth trajectory.
In addition, we have successfully ring-fenced and supported our various
subsidiaries through challenging times, ensuring their stability and growth. Our
commitment to funding all subsidiaries has yielded impressive results across the board.
Notably, Care Health Insurance Limited (CHIL) recorded a Profit Before Tax (PBT) of t 410
Crore, reflecting a 25% increase. Religare Broking Limited (RBL) also saw remarkable
growth, with an average daily turnover of t 16,000 Crore for FY24, marking a 76% rise.
Moreover, it is with pleasure we announce that Religare Finvest Limited
(RFL) has successfully completed the One-Time Settlement (OTS) payment of t 2,178 Crore to
16 lenders. Notably, we made the full payment of t 400 Crore well ahead of the three-month
deadline stipulated in the agreement. As per the OTS agreement, RFL has received No-Dues
Certificates (NDC) from these lenders. Additionally, RFL has repaid the Inter Corporate
Loan of REL and has been a debt-free company since February 2024.
At REL, our approach to risk mitigation and governance is integral to
our strategy. We focus on identifying, assessing, and mitigating potential economic,
regulatory, or industry-specific risks that could impact our operations, financial
performance, sustainability, and reputation.
In the face of these challenges, the Board remains committed to
prioritising long-term growth, stakeholder engagement, and value creation. This unwavering
commitment has driven both the Board and management to work tirelessly towards
revitalising and expanding our operations, all while upholding the highest standards of
corporate governance. Our relentless efforts, coupled with continuous and strategic
engagement with our lenders, have yielded positive outcomes that are crucial at this
critical juncture. We deeply appreciate the support of our stakeholders as we navigate
these transformative times, ensuring that we create lasting value for all involved.
Furthermore, REL will concentrate on maximising the value of our active
customer base while driving large-scale customer acquisition through strategic
partnerships. We are also committed to leveraging technology to enhance revenue per
customer, improve customer experiences, optimise costs, and build robust, scalable
systems.
As we advance towards our vision of transforming the Religare Group
into a comprehensive, 360-degree financial services conglomerate, I extend my heartfelt
gratitude to our shareholders, regulators, lenders, customers, and all other stakeholders
for their unwavering trust and support.
With Best Regards,
Dr. Rashmi Saluja Executive Chairperson