Reliance Capital on Monday reported a consolidated net profit of Rs 133 crore for the April-June quarter of this fiscal.
This bottomline performance reflected a whopping 194 per cent increase over the net profit of Rs 45 crore in the same quarter last fiscal.
Consolidated income of the diversified financial services major grew 16 per cent during the quarter under review to Rs 1,938 crore (Rs 1,676 crore). This was mainly aided by an increase in the topline of general insurance and asset management businesses.
The company said that its general insurance arm wrote 25 per cent more premium during the quarter at Rs 706 crore.
The Assets Under Management of its mutual fund business increased 21 per cent to Rs 97,771 crore.
This is the first quarter in which all the businesses --asset management, life insurance, general insurance, commercial finance, broking and distribution-- have reported profits, Sam Ghosh, Chief Executive Officer, Reliance Capital told Business Line.
Reliance Capital has 48 per cent stake in Reliance Life Insurance.
The bottomline performance at the consolidated level was bolstered by performance of asset management, Life Insurance and General Insurance businesses.
Ghosh said that it may not be possible to sustain the same profit growth level of 194 per cent at the consolidated level in the second quarter as well.
This is because Reliance Capital had in the second quarter last fiscal booked gains from stake sale in its asset management business, he pointed out.
However, Ghosh expects a significant growth (say over 100 percent) in net profits on a consolidated basis in second quarter this fiscal.
For the June quarter under review, Reliance Capital Asset Management reported profit before tax of Rs 77 crore, a year-on-year increase of 32 per cent.
While Reliance General Insurance recorded profit before tax of Rs 83 crore (Rs 66 crore), Reliance Commercial Finance achieved profit before tax of Rs 83 crore (Rs 66 crore).
Reliance Life Insurance has recorded profit of Rs 56 crore for this June quarter, reflecting a 196 per cent increase year-on-year.
Shares of the company ended at Rs 360.85 per share, down 2.76 per cent, on the Bombay Stock Exchange today.