Reliance Capital profit rises 15%

Reliance Capital profit rises 15%
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First Published: Fri, Oct 31 2008. 10 29 PM IST
Updated: Fri, Oct 31 2008. 10 29 PM IST
Mumbai: The financial services company owned by billionaire Anil Ambani, Reliance Capital Ltd, posted a 14.6% rise in profits in the three months to 30 September on higher revenues from its brokerage operations and an increase in consumer loans.
Net profit for the second quarter rose to Rs229.42 crore from Rs200.07 crore in the year-ago period, the company said in a statement to the Bombay Stock Exchange.
Revenues increased 38% to Rs1,313.08 crore from Rs952.71 crore last year. The consumer finance segment’s quarterly revenues climbed to Rs318.56 crore from Rs55.56 crore last year, and its asset management business earned revenues of Rs107.76 crore, compared with Rs81.27 crore earlier. For the six months to September, revenues for the company’s brokerage unit Reliance Money Ltd rose sharply to Rs171.4 crore from Rs53.8 crore in the year-ago period. However, its general insurance business lagged, with revenues falling to Rs474.50 crore in the second quarter from Rs476.52 crore earlier.
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First Published: Fri, Oct 31 2008. 10 29 PM IST