Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

In our previous coverage on <a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> in <a href="https://www.smartkarma.com/insights/religare-enterprises-sustained-red-flags" target="_blank" data-smartkarma-citation="insights:53530" rel="noopener">Religare Enterprises: Sustained Red Flags</a> , we highlighted the red herrings that had tainted the group's image and valuation as a whole. In the two years i.e. F17-19, REL has witnessed a bunch of malpractices and poor asset quality, which led to a demise in the value of stock. The distressed state of affairs had almost corrupted its NBFC arm, as RBI had placed a cap on the operations. The NBFC business was also tarnished by its auditors in the last few years, having constantly been on the receiving end of qualified opinions, several of them being repeated year on year. 
However, with the exit of 'recognisable promoters' and the entrance of the 'new management', REL has stepped up to clean itself, undergoing several measures to reinforce the confidence. Since most of the damage relating to the lending business is been done, and that other segments are doing better than ever including insurance IPO which just might be the savior, REL is set for a turnaround when one looks at the overall scheme of things.

In our previous coverage on Religare Enterprises (RELG IN) in Religare Enterprises: Sustained Red Flags , we highlighted the red herrings that had tainted the group's image and valuation as a whole. In the two years i.e. F17-19, REL has witnessed a bunch of malpractices and poor asset quality, which led to a demise in the value of stock. The distressed state of affairs had almost corrupted its NBFC arm, as RBI had placed a cap on the operations. The NBFC business was also tarnished by its auditors in the last few years, having constantly been on the receiving end of qualified opinions, several of them being repeated year on year. 
However, with the exit of 'recognisable promoters' and the entrance of the 'new management', REL has stepped up to clean itself, undergoing several measures to reinforce the confidence. Since most of the damage relating to the lending business is been done, and that other segments are doing better than ever including insurance IPO which just might be the savior, REL is set for a turnaround when one looks at the overall scheme of things.

Religare Enterprises: Will Fortunes Change?

Forensic Accounting

Religare Enterprises / Forensic Accounting

<a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> is a conglomerate which provides all sort of financial services such as investments, broking, lending, insurance etc. The subsidiaries over the years may have contributed heavily to the topline (Consolidated total income amounted to INR 25.3 bn vis a vis standalone income of INR 1.2 bn in F21), but along with large contribution, these subsidiaries have also brought in some shady red herrings that tarnish the balance sheet and governance.The results for year ended F21 have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been persistent since few years, and they are heading nowhere.

Religare Enterprises (RELG IN) is a conglomerate which provides all sort of financial services such as investments, broking, lending, insurance etc. The subsidiaries over the years may have contributed heavily to the topline (Consolidated total income amounted to INR 25.3 bn vis a vis standalone income of INR 1.2 bn in F21), but along with large contribution, these subsidiaries have also brought in some shady red herrings that tarnish the balance sheet and governance.The results for year ended F21 have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been persistent since few years, and they are heading nowhere. 

Religare Enterprises: Sustained Red Flags

India

Religare Enterprises is a diversified financial services company in India, operating as a core investment company. It provides a wide array of services including health insurance through Care Health Insurance, retail broking, and lending for Small and Medium Enterprises (SMEs) and affordable housing finance. The company was incorporated on January 30, 1984, and is headquartered in New Delhi, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Religare Enterprises (RELG IN)

Religare Enterprises: Will Fortunes Change?

REL was traumatized by the red flags of its NBFC arm, but if one looks at the overall scheme of things, the parent entity faces no more risk. REL's...

Nitin Mangal

Religare Enterprises: Sustained Red Flags

F21 results have stated several auditor red flags, both quantitative and qualitative in nature. Whats worrying is that these red flags have been...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)