The Hindu Business Line : Reliance Capital net zooms to Rs 65 cr

RELIANCE Capital Ltd has reported a 166 per cent increase in its third quarter net profit at Rs 64.98 crore compared to Rs 24.38 crore in the corresponding year-ago period.

Total income during the quarter increased to Rs 82.82 crore from Rs 71.66 crore in the year-ago period.

Reliance Capital in its consolidated operations reported a net profit after minority interest and share of profit of associates at Rs 67.33 crore for the December quarter. Total income stood at Rs 149.9 crore. The company has published the consolidated results for the first time, and, hence, the comparative figures for corresponding period in the previous year is not provided, it said.

For the nine-month period, Reliance Capital reported a net profit of Rs 252 crore against Rs 71 crore in the year-ago period. Total income stood at Rs 330 crore against Rs 211 crore in the year-ago period.

Shares of Reliance Capital edged down by Rs 1.05 to Rs 453.85 on BSE.

During the period under review, the company made a preferential offer of shares amounting to Rs 2,673 crore to Anil Dhirubhai Ambani Enterprises and long-term institutional investors. As a result, the equity capital of the company increased to Rs 207 crore.

As on December 2005, the company's networth stood at Rs 3,600 crore. On conversion of outstanding equity warrants, the networth will increase to over Rs 4,300 crore. The company will rank among the top three domestic private sector financial services companies in terms of networth.

Reliance General Insurance reported a net profit of Rs 13 crore for the nine-month period ending December 2005, an increase of 81 per cent. Gross direct premium for nine months was Rs 110 crore.

As on December 31, 2005, Reliance Mutual Fund had Rs 15,000 crore ($3.4 billion) of assets under management, higher by 68 per cent over the previous year.

The aggregate equity corpus under management is over Rs 7,150 crore ($1.6 billion). Reliance Mutual Fund had nearly 10 lakh investors as on December 31, 2005, an increase of 288 per cent over last year.