The Hindu Business Line : Reliance Capital posts 527 pc jump in net

RELIANCE Capital Ltd has posted a net profit of Rs 157.42 crore during the quarter ended September 30, a 527 per cent growth over the Rs 25.07 crore recorded in the year-ago period.

The company's income from operations during the period doubled to Rs 181.24 crore from Rs 89.59 crore in the second quarter last year.

The consolidated net profit after minority interest and share of profit/loss of associates was Rs 162.75 crore, and total income (consolidated) stood at Rs 246.16 crore. The consolidated net profit was Rs 171.62 crore; minority interest being Rs 1.09 crore and loss on sale of investment in associate being Rs 7.09 crore.

As on September 30, the net worth of the company was Rs 3,535 crore, total assets Rs 3,627 crore and its investment portfolio Rs 2,245 crore. The group companies of RCL include Reliance Mutual Fund, Reliance Capital Asset Management (RCAM), Reliance Life Insurance (RLI) and Reliance General Insurance (RGI).

Among the group companies, RCAM had a net profit of Rs 13 crore and RGI, Rs 11 crore. This took up RCL's consolidated profit before tax to Rs 181.2 crore; its tax component bringing the net profit to Rs 171.62 crore.

Having acquired AMP Sanmar Life Insurance, the Chennai-based company would soon adorn the label of Reliance Life Insurance, subject to necessary approvals, a company release said.

During the quarter, RCL made a preferential offer of equity shares/equity-related securities to Anil Dhirubhai Ambani Enterprises (ADAE) and long-term institutional investors amounting to Rs 2,673 crore. The net worth of the company, on conversion of equity warrants, will increase to over Rs 4,300 crore.

The RCL share today lost Rs 17.80 on the BSE, having closed the day at Rs 365.05, down from its previous close of Rs 382.85.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page