Reliance Capital reported a consolidated net loss of ₹2,179 crore for the fourth quarter of fiscal FY20 against a net loss of ₹2,304 crore a year ago. Its total income fell 31.4 per cent to ₹356 crore in the quarter ended March 31, 2020, from ₹519 crore a year ago.
Reliance Capital said it is hopeful of implementation of the resolution plans for Reliance Commercial Finance and Reliance Home Finance. “The company has exposure by way of loans, investments (including interest accrued thereon) and guarantees in Reliance Commercial Finance Limited (RCF) and Reliance Home Finance Limited (RHF) aggregating ₹4,935 crore outstanding as on March 31, 2020,” said Reliance Capital as part of its quarterly results, adding that the lenders have entered into Inter-Creditor Agreement (ICA) for the resolution of their exposure.
“Both the entities are progressing on implementing their Resolution Plans under ICA, which is valid till June 30, 2020,” it said, adding that on a conservative basis, it has made an adequate impairment provision of ₹742 crore against the exposure.
For FY20, Reliance Capital posted a net loss of ₹1,199 crore against a net loss of ₹1,454 crore in FY19.
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May 08, 2020
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