Heavy Buying: Ashish Dhawan's portfolio multibagger stock reports stellar quarterly results (Q1FY24); hits 52-week high!
The stock is up by 70 per cent in just 1 year and over 500 per cent in 3 years.
Religare Enterprises Ltd (REL), a diversified financial services company with a presence all over India, announced its Quarterly Results ended June 30, 2023. Here are the details:
According to the quarterly results (Q1FY24), the net sales increased by 35.15 per cent to Rs 1,284.63 crore, the operating profit increased by 21.45 per cent to Rs 155.83 crore and the net profit skyrocketed by 221.41 per cent to Rs 92.52 crore compared to the same quarter last year (Q1FY23).
According to the annual results, the net sales increased by 45.07 per cent to Rs 4,676.46 crore and the net profit skyrocketed by 306 per cent to Rs 3,168.62 crore in FY23 compared to FY22.
Ace investor Ashish Dhawan acquired a 1.66 per cent stake in Religare Enterprises Ltd in the June quarter, betting on the company's turnaround story.
The company is operating through its subsidiaries. The company 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 a presence in more than 400 cities. The company has a market cap of over Rs 7,000 crore with a 5-year stock price CAGR of 35 per cent.
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Today, shares of Religare Enterprises Ltd zoomed 7.63 per cent to Rs 219.95 per share from its previous closing of Rs 204.35. The stock also made a new 52-week high of Rs 219.95 per share.
The stock is up by 70 per cent in just 1 year and over 500 per cent in 3 years. Investors should keep an eye on this multibagger Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.