Reliance Capital Q1 net dips 56% to Rs 151 cr

Anil Ambani group firm Reliance Capital today reported a 56 per cent decline in consolidated net profit at Rs 151.04 crore for the first quarter ended June 30, 2009, as it booked lower capital gains.

Total income also declined three per cent to Rs 1,469.25 crore in the same quarter, Reliance Capital said in a statement.

The company said the profit was lower on the back of "lower capital gains booked this quarter as substantial gains likely to be booked later this year from planned stake sale in Reliance Life Insurance."

As of June 30, the net worth of the company stood at Rs 7,500 crore. The total assets of the company stood at Rs 25,074 crore, an increase of 26 per cent over the same period previous fiscal.

Among its various group companies, Reliance Mutual Fund recorded a 14 per cent rise in net profit at Rs 37 crore for the quarter ended June 2009, reflecting a higher average assets under management (AUM). The company had a net profit of Rs 33 crore in the June quarter of FY'09.

The average AUM of Reliance MF recorded an increase of 19 per cent at Rs 1,08,322 crore at the end of June 2009.

 

In the life insurance segment, Reliance Life Insurance registered 112 per cent growth in policy-holders' funds under management to Rs 8,293 crore from Rs 3,913 crore in the June quarter of FY'09.

The distribution network increased to 1,145 branches at the end of June 30, 2009, against 745 branches at the end of June 30, 2008, the statement added.

The total premium income in the segment during the quarter increased 20 per cent to Rs 903 crore for the quarter as against Rs 749 crore in the corresponding previous period.      Besides, Reliance Money generated a revenue of Rs 68 crore in the June quarter as against Rs 78 crore in the corresponding period previous fiscal.

Reliance Consumer Finance (RCF) reported a revenue of Rs 288 crore during the quarter, against Rs 262 crore in the year-ago period.

Shares of Reliance Capital closed at Rs 883.85, up 2.61 per cent from its previous close on the Bombay Stock Exchange.