Reliance Capital Q1 profit jumps three-fold to Rs 133 cr

Jul 29 2013, 17:19 IST
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Anil Ambani (Reuters) Anil Ambani (Reuters)
SummaryReliance Capital today posted nearly three-fold rise in consolidated net profit.

Reliance Capital today posted nearly three-fold rise in consolidated net profit at Rs 133 crore for the first quarter ended June, 2013 on the back of all-round growth. The company had reported net profit of Rs 45 crore for the April-June quarter of last fiscal, Reliance Capital said in a statement. According to Reliance Capital CEO Sam Ghosh, three subsidiaries contributed to the company's performance.

There was turn around in case of Reliance General which recorded a profit of Rs 10 crore as against a loss of Rs 20 crore for the quarter ended June 30, 2012, he said. Besides, there was increase in both topline and bottomline of the Reliance Mutual Fund, he said, adding that consumer finance arm also contributed as there was turnaround in the segment. The total income of the company rose to Rs 1,930 crore in the quarter, against a total income of Rs 1,662 crore in the year-ago period, an increase of 16 per cent.

This was mainly on account of increase in topline of General Insurance and Asset Management businesses, he added. As on June 30, the total assets of the company stood at Rs 42,155 crore. Reliance Capital is the financial services arm of Anil Ambani-led Reliance Group and is present in businesses such as asset management, mutual fund, insurance, brokerage besides other segments of the financial services sector. As on June 30, 2013, the net worth of the company stood at Rs 12,138 crore, an increase of 3 per cent.

However, shares of the company closed at Rs 360.85, down 2.76 per cent on the BSE. On standalone basis, Reliance Capital's Q1 net profit surged to Rs 115 crore at the end of June 2013 as against just Rs 8 crore in the year-ago period. The total income on standalone basis rose to Rs 839 crore as compared to Rs 704 crore in the first quarter of the previous fiscal. Reliance Mutual Fund, a subsidiary of Reliance Capital, recorded a profit before tax of Rs 77 crore for the quarter ended June 30, an increase of 32 per cent. Another subsidiary, Reliance Life Insurance achieved a profit of Rs 56 crore, an increase of 196 per cent.

The declared results of Reliance Capital include consolidation of 48 per cent stake in Reliance Life Insurance, it said. Besides, Reliance General Insurance also recorded profit of Rs 10 crore as against a loss of Rs 20 crore

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