Reliance Cap posts Rs 401 cr consolidated Net in Sept quarter

Reliance Capital today posted a consolidated net profit of Rs 401 crore for the three-month period ended September 30, 2012.

The entity had net profit of Rs 33 crore in July-September quarter of 2011, R-Cap said in a statement.

The company's total income rose to Rs 2,437 crore in the second quarter ended September 30, 2012. It the year-ago period, it had reported total income of Rs 1,573 crore.

R-Cap attributed the impressive quarterly earnings to increase in topline of commercial finance business and gains accrued from the stake sale in Reliance Capital Asset Management.

It said that financial results for the current quarter are not comparable with previous corresponding quarter as Viscount Management Services (Alpha) Ltd, amalgamated with the company with effect from October 2011.

R-Cap is financial services arm of Anil Ambani-led Reliance Group and is present in businesses including asset management, mutual fund, insurance, brokerage and various other segments of the financial services sector.

Earlier, R-Cap had sold 26% stake in its asset management and mutual fund unit to Japanese financial services giant Nippon Life for Rs 1,450 crore.

The group's commercial finance operations has cornered a total income of Rs 534 crore in the quarter under review from Rs 498 crore in the year-ago period.

Its revenues from brokerage business grew by 12% to Rs 65 crore.

However, Reliance Capital Asset Management's income from its operations  declined by two% to Rs 160 crore for the quarter ended September 30, 2012.

Shares of R-Cap inched up by 0.06% to settle at Rs 394.45 apiece on the BSE.