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Religare narrows Q3 loss, appoints IFC official on board

Last Updated: Thursday, January 24, 2013 - 22:05

Mumbai: Financial services major Religare Enterprises trimmed its losses to Rs 7.78 crore on standalone basis for the quarter ended December 2012 from Rs 58.01 crore a year earlier.

Its income during October-December quarter of 2012-13 rose to Rs 7.55 crore from Rs 4.47 crore over the corresponding period in the previous fiscal, it said in a filing to the BSE.

On consolidated basis, the net profit of the company declined by 43 percent to Rs 19.50 crore during the quarter from Rs 34.19 crore a year ago.

The consolidated income in December quarter stood at Rs 814.26 crore from Rs 759.81 crore.

Religare Enterprises is a diversified financial services group which offers services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.

Shares of the company Thursday ended at Rs 302.80 apiece on the BSE, down 1.17 percent from their previous close.

Meanwhile, the company in its board meeting nominated Monish K Dutt, an official of World Bank arm International Finance Corporation (IFC), as a director on its board.

"Board accepted Monish K Dutt nomination and appointed him as Additional Director [Non-executive, Non-Independent) representing International Finance Corporation on the Board of the company with effect from February 5, 2013," it said in a separate filing.

Dutt's nomination follows approval of the board of Religare in October for IFC's USD 75 million (about Rs 400 crore) investment in the company.


First Published: Thursday, January 24, 2013 - 22:05
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