New Delhi, May 11 (PTI) Religare Enterprises on Thursday posted Rs 20 crore profit on a standalone basis for the fourth quarter ended March 2023.

The company had registered a net loss of Rs 7 crore in the January-March quarter of the preceding fiscal.

Also Read | UIDAI Launches Nation-Wide Drive To Update Aadhaar Operators on Policy Changes.

The total income increased to Rs 41 crore against Rs 8 crore in the same quarter a year ago, Religare Enterprises said in a regulatory filing.

Its total expenses swelled to Rs 21 crore against Rs 15 crore earlier, it added.

Also Read | Tej Pratap Yadav-Aishwarya Rai Divorce Case: Patna High Court Directs Family Court Hear the Case Afresh.

On a consolidated basis, Religare Enterprises posted a loss of Rs 3,517 crore for the fourth quarter against a loss of Rs 588 crore a year ago.

The company continues to be barred from declaring dividends as per an RBI letter issued in December 2019, it said.

Last month, Religare Enterprises said it will acquire Indian Express Group's insurance web aggregator MyInsuranceClub in an all-cash deal.

The company said in a statement that it has signed a share purchase agreement for the proposed acquisition of MyInsuranceClub from iGear Holdings Pvt, part of The Indian Express Group.

Religare Group said that the proposed acquisition, which is subject to regulatory approvals, is in line with the group's strategy to further the growth of the insurance business and emerge as a stronger player.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)