Reliance Capital on Monday reported a consolidated net profit of Rs 253 crore for the second quarter, up 1 per cent from the year-ago period, as it made provision to beef up reserves in general insurance business. The company’s total income increased to Rs 4,926 crore in the July-September quarter of the current fiscal, more than double from Rs 2,372 crore in the year-ago period, Reliance Capital said in a statement.
The firm has set aside Rs 74 crore for Reliance General Insurance. Excluding this amount, Reliance Capital’s second quarter profit rose 31 per cent to Rs 327 crore. As on September 30, this year, the net worth of the company stood at Rs 15,913 crore, a surge of 11 per cent from the same period last fiscal.
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The company said its board has approved a plan to list its home finance business on the stock exchanges. Reliance Mutual Fund’s profit before tax stood at Rs 147 crore in the second quarter of the current fiscal, a growth of 21 per cent from year-ago period.
Reliance Commercial Finance reported a 4 per cent growth in profit before tax at Rs 74 crore, while the profit before tax of Reliance Home Finance too climbed by four per cent to Rs 32 crore and Reliance General Insurance registered a growth of 11 per cent in its profit to Rs 33 crore.
The company’s broking and distribution business profit stood at Rs 21 crore in the July-September quarter, 2016-17 as against marginal profits in the corresponding previous period. Reliance Capital, a part of the Reliance Group, is one of country’s leading private sector financial services companies.
The Group has a presence across in financial services, telecom, energy, power, infrastructure and defence.