 "Reliance Capital posts Rs 253 cr profit in Jul-Sep")
Reliance Capital on reported consolidated net profit of Rs 253 crore for the second quarter, up one per cent from the year-ago period, as it made a 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 financial year, more than double from Rs 2,372 crore in the year-ago period, Reliance Capital said in a statement.
The profit of Q2 of FY17 was after it set aside Rs 74 crore for strengthening reserves of the Reliance General Insurance, which had to provide for a loss in motor pool. Excluding this amount, Reliance Capital’s second quarter profit rose 31 per cent 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 per cent from the same period last financial year.
The company said its board has approved a plan to list its home finance business on the stock exchanges.
Sam Ghosh, executive director, said the total income in the reporting quarter rose Rs 4,926 crore against Rs 2,372 crore in Q2 of 2015-16.
Reliance Mutual Fund’s profit before tax stood at Rs 147 crore in the second quarter of the current financial year, a growth of 21 per cent from year-ago period.
Reliance Commercial Finance reported 4 per cent growth in profit before tax at Rs 74 crore, while the profit before tax of Reliance Home Finance climbed four per cent to Rs 32 crore and Reliance General Insurance registered a growth of 11 per cent 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, 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.
Reliance Capital stock closed flat at Rs 547 on BSE on Monday.
