Care Health (Previously Religare Health) Insurance, the health insurance arm of Religare Enterprises Limited (REL), is a specialized Health Insurer offering health insurance services to employees of corporates, individual customers, and financial inclusion as well. RHI commenced business in 2012 and currently has three major shareholders – Religare Enterprises Limited, Union Bank of India and Corporation Bank.
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2559 | 3880 | 5141 | 6864 |
| Cost of Material Consumed | 1980 | 3088 | 4590 | 6047 |
| Gross Margins | 1729 | 2510 | 3932 | 5329 |
| Change in Inventory | 1.9 | 3.6 | 7 | 13 |
| Employee Benefit Expenses | 103 | 446 | 172 | 255 |
| Other Expenses | 242 | 2 | 414 | 81 |
| EBITDA | 2075.9 | 2961.6 | 4525 | 5678 |
| OPM | 953 | 1633 | 2116 | 3074 |
| Other Income | 26 | 110 | 442 | 1070 |
| Finance Cost | 721 | 1070 | 1322 | 1178 |
| D&A | 111 | -135 | 0 | 0 |
| EBIT | 264.9 | 283.6 | 645 | 356 |
| EBIT Margins | 59 | 59 | 105 | 143 |
| PBT | 0.8 | 0 | 0 | 0 |
| PBT Margins | 247 | 325 | 420 | 89 |
| Tax (2021) | 75 | 15 | 327 | 410 |
| PAT | -26 | 4 | 82 | 105 |
| NPM | 101 | 11 | 245 | 305 |
| EPS | 1.2 | 0.12 | 2.6 | 3.14 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 98.32 | 112.07 | 98.68 | 99.87 |
| Net Profit Margin | 0.55 | 0.65 | 0.54 | 0.58 |
| Earning Per Share (Diluted) | 6.08 | 4.33 | 3.3 | 2.97 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 48 | 94 | 56 | 42 |
| CWIP | 45 | 78 | 99 | 96 |
| Investments | 909 | 1105 | 1921 | 2130 |
| Trade Receivables | 1725 | 2460 | 3155 | 4502 |
| Inventory | 282 | 250 | 283 | 342 |
| Other Assets | 3009 | 3987 | 5514 | 7112 |
| Total Assets | 841 | 908.5 | 942 | 972 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 10 | 10 | 10 | 10 |
| FV | 291 | 380 | 806 | 1198 |
| Reserves | 791 | 1161 | 1559 | 2002 |
| Borrowings | 1088 | 1529 | 2213 | 2913 |
| Trade Payables | -1.7 | 0 | -6 | 27 |
| Other Liabilities | 3009.3 | 3978.5 | 5514 | 7112 |
| Total Liabilities | 3023 | 4695 | 6215 | 8215 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | -24 | 233 | 141 | 161 |
| OPBWC | -1.5 | 2.6 | -14 | -11 |
| Change in Receivables | -1098 | -2073 | -2480 | -3462 |
| Change in Inventories | -315 | -476 | -788 | -1428 |
| Change in Payables | -874 | -1227 | -1297 | -1431 |
| Other Changes | 2 | -4.6 | -2 | -5 |
| Working Capital Change | -333 | -482.7 | -744 | -991 |
| Cash Generated From Operations | 379.5 | 667.3 | 1031 | 1048 |
| Tax | -14 | 30 | -29 | -13 |
| Cash Flow From Operations | 0.1 | 0.8 | 0.14 | 0 |
| Purchase of PPE | -1050 | -1136 | -2102 | -1956 |
| Sale of PPE | 226 | 0 | 46 | 57 |
| Cash Flow From Investment | 112 | 318 | 778 | 744 |
| Borrowing | -725.9 | -787.2 | -1306.86 | -1168 |
| Divided | 337 | 153 | 296 | 116 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | 0 | 0 | 0 | 0 |
| Cash Flow from Financing | 337 | 153 | 296 | 116 |
| Net Cash Generated | -9.4 | 33.1 | 20.14 | -4 |
| Cash at the Start | 55 | 45 | 79 | 100 |
| Cash at the End | 45.6 | 78.1 | 99.14 | 96 |
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Promoters | 94.60% | - | - | - |
| Religare Enterprises Limited | - | 65.46% | 64.98% | 62.98% |
| Trishikhar Ventures LLP | - | 16.48% | 16.36% | 15.86% |
| Union Bank Of India | - | 5.65% | 5.45% | 5.29% |
| Public | 5.40% | 12.41% | 13.21% | 15.86% |
