Reliance Capital Limited quarterly net profit declines by over 19 per cent

However,on annual basis its net profit rose by 77 per cent to Rs 812 crore during 2012-13

Written by Press Trust Of India | New Delhi | Published: May 16, 2013 10:44:55 pm

Reliance Capital Limited,an Anil Ambani company,today reported over 19 per cent decline in net profit at Rs 265 crore for the quarter ending March 2013,mainly due to drop in income from operations.

The company’s net profit stood at Rs 329 crore during the

quarter ending March 2012.

However,on annual basis its net profit rose by 77 per cent to Rs 812 crore during 2012-13,according to the BSE filing.

Net profit in 2011-12 was at Rs 458 crore. The decline in profit for the quarter ending March 2013 was mainly on account of fall in total income from operations (net) which declined from Rs 1,955 crore in March 2012 quarter to Rs 1,666 crore in fourth quarter of 2012-13.

In 2012-13,company’s total income increased by 13 per cent to Rs 7,519 crore from Rs 6,627 crore in the previous period.

“This was mainly on account of increase in topline of General Insurance,Commercial Finance and Asset Management businesses,and sale of stake in Reliance Capital Asset Management,” Reliance Capital said in a statement.

The company has interests in asset management and mutual funds; life and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; exchanges; private equity; among others.

Its shares closed at Rs 373.70,up 0.35 per cent on Reliance Capital Q4 net profit declines by over 19 pc New Delhi,May 16 (PTI) Reliance Capital today reported over 19 per cent decline in net profit at Rs 265 crore for the quarter ending March 2013,mainly due to drop in income from operations.

The company’s net profit stood at Rs 329 crore during the

quarter ending March 2012.

However,on annual basis its net profit rose by 77 per cent to Rs 812 crore during 2012-13,according to the BSE filing by the Anil Ambani led company.

Net profit in 2011-12 was at Rs 458 crore. The decline in profit for the quarter ending March 2013 was mainly on account of fall in total income from operations (net) which declined from Rs 1,955 crore in March 2012 quarter to Rs 1,666 crore in fourth quarter of 2012-13.

In 2012-13,company’s total income increased by 13 per cent to Rs 7,519 crore from Rs 6,627 crore in the previous period.

“This was mainly on account of increase in topline of General Insurance,Commercial Finance and Asset Management businesses,and sale of stake in Reliance Capital Asset

Management,” Reliance Capital said in a statement The company has interests in asset management and mutual funds; life and general insurance; commercial and home finance; stock broking; wealth management services;

distribution of financial products; exchanges; private equity;

among others.

Its shares closed at Rs 373.70,up 0.35 per cent on Reliance Capital CEO Sam Ghosh said the company had concluded stake sale in its life insurance business and booked one-time profit in fourth quarter of 2011-12.

“If we only compare profits from operations in these two quarters i.e Q4 FY12 and Q4 FY13,the profits have shown

substantial growth,” he said.

For the fourth quarter ended March 31,2012,Reliance Capital had reported a net profit of Rs 329.

The company further said the total income grew 25 per cent on year-on-year basis at Rs 2,002 crore in fourth quarter of fiscal 2011-12,mainly on account of sale of stake in the life insurance business.

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