Reliance Capital posts Rs 253 cr profit in Jul-Sep

Reliance Capital on Monday reported a consolidated net profit of Rs 253 crore for the second quarter, up 1% from the year-ago period, as it made provision to beef up reserves in general insurance business.

The company's total income increased to Rs 4,926 crore in the July-September quarter of the current fiscal, more than double from Rs 2,372 crore in the year-ago period, Reliance Capital said in a statement.

The firm has set aside Rs 74 crore for Reliance General Insurance. Excluding this amount, Reliance Capital's second-quarter profit rose 31% to Rs 327 crore.

As on September 30, this year, the net worth of the company stood at Rs 15,913 crore, a surge of 11% from the same period last fiscal.

The company said its board has approved a plan to list its home finance business on the stock exchanges.

Reliance Mutual Fund's profit before tax stood at Rs 147 crore in the second quarter of the current fiscal, a growth of 21% from year-ago period.

Reliance Commercial Finance reported a 4% growth in profit before tax at Rs 74 crore, while the profit before tax of Reliance Home Finance too climbed by 4% to Rs 32 crore and Reliance General Insurance registered a growth of 11% in its profit to Rs 33 crore.

The company's broking and distribution business profit stood at Rs 21 crore in the July-September quarter, 2016-17 as against marginal profits in the corresponding previous period.

Reliance Capital, a part of the Reliance Group, is one of country's leading private sector financial services companies. The Group has a presence across in financial services, telecom, energy, power, infrastructure and defence.