Religare Enterprises today reported net loss of Rs 894 crore in the March quarter which widened from Rs 701 crore in the corresponding quarter last year on a standalone basis.
For the year ended March 2013 the loss was Rs 760 crore down from Rs 816 crore a year ago.
As in last year, company continued to provide for losses on sales of long term investments and provisions for diminutions in the value of these investments.
Company had loss of Rs 97 crore in the last quarter as it sold its subsidiary Religare Financial Consultancy Services.
It also provided Rs 70 crore for diminutions in the quarter same as it provided corresponding quarter last year.
Total income of the company for the quarter was Rs 8.45 crore against Rs 4.21 crore last year.
Religare’s board today formally approved its decision to go ahead with the application for the banking license. Religare off late to pursue its banking ambitions have appointed several experts as non executive independent directors.
Latest to join Religare board was Arun Ramanathan, former union finance secretary.
Before him, A C Mahajan, former chairman and managing director was also appointed as non executive independent director on the board of the company.
