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RCL net jumps threefold, riding on insurance biz

RCL net jumps threefold, riding on insurance biz
PTI
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First Published: Thu, Jul 26 2007. 01 06 AM IST
Updated: Thu, Jul 26 2007. 01 06 AM IST
New Delhi: The Reliance-Anil Dhirubhai Ambani Group firm Reliance Capital Ltd (RCL) on Wednesday posted more than a threefold increase in net profit at Rs302.43 crore for the quarter ended 30 June, driven by strong growth in the insurance business. The company had recorded a net profit of Rs94.53 crore during the corresponding quarter last year.
Total income of the company increased nearly fourfold to Rs513.77 crore for the April-June quarter, up from Rs132.42 crore a year ago, a company release said. On a consolidated basis, the total income was at Rs1,176 crore, against Rs356 crore in the corresponding period last year.
RCL’s share price rose to an all-time high of Rs1,254 on the Bombay Stock Exchange on Wednesday, closing at Rs1,244.85, up 3.8%.
The consolidated net profit was Rs325 crore, compared with Rs113 crore in the corresponding period of the previous year.
Earnings per share (EPS) for the quarter was Rs12.15 and the consolidated EPS was Rs13.07. Total assets of the company stood at Rs8,345 crore. As on 30 June, the net worth of the company stood at Rs5,460 crore, the release added.
The group companies operating under RCL—Reliance Mutual Funds (RMF), Reliance Capital Asset Management Ltd, Reliance Life Insurance Co. Ltd, Reliance General Insurance Co. Ltd, Reliance Money and Reliance Consumer Finance—also reported good earnings.
The assets under the management of RMF increased to Rs59,857 crore for the quarter, up from Rs26,314 crore last year. The number of investors increased to 3.4 million. Reliance Life Insurance’s premium income was Rs262 crore for the period under review.
Reliance General Insurance’s gross direct premium for the quarter, was Rs529 crore against Rs164 crore in the corresponding period last fiscal.
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First Published: Thu, Jul 26 2007. 01 06 AM IST