Financial services firm Reliance Capital Tuesday said it has posted a net profit of Rs.181 crore ($29 million) for the July-September quarter, led by good growth in earnings from insurance, mutual fund and commercial finance businesses.
The company's total income increased by 20 percent to Rs.1,869 crore ($299 million), Reliance Capital, a part of Anil Ambani-led Reliance Group, said in a statement.
Reliance Capital reported a net profit of Rs.401 crore for July-September quarter of 2012-13. It was mainly because of one-time capital gains on stake sale to Japanese firm Nippon Life in Reliance Capital Asset Management last year.
According to the company statement, net profit in July-September quarter last year, excluding the one-time gains from the stake sale, was Rs.60 crore. Hence the company has registered 201 percent jump in the net profit.
As on Sep 30, 2013, the net worth of the company stood at Rs.12,373 crore ($2 billion), posting an year-on-year increase of 6 percent.
Reliance Capital is one of India's leading private sector financial services companies having interest in asset management, mutual funds; life and general insurance; commercial and home finance; stock broking and wealth management among others.
Reliance Life Insurance posted a net profit of Rs.136 crore ($22 million) for the quarter ended Sep 30, 2013, registering an year-on-year increase of 338 percent. “The declared results of Reliance Capital include consolidation of 48 percent stake in Reliance Life Insurance,” a company statement said.
Reliance Life Insurance new business premium increased by 58 percent to Rs.509 crore ($81 million) for the quarter under review.
Reliance General Insurance posted a net profit of Rs.16 crore for the quarter under review as against a loss of Rs.105 crore in the corresponding quarter last year.
Reliance Capital Asset Management registered profit before tax of Rs.67 crore for the quarter under review.
Reliance Capital Q1 result: