Reliance Capital Q3 profit drops 11% to Rs209 crore
Reliance Capital reported a consolidated net profit of Rs209 crore for the third quarter of the current fiscal, a drop of 11% from the year-ago period
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New Delhi: Reliance Capital on Friday reported a consolidated net profit of Rs209 crore for the third quarter of the current fiscal, a drop of 11% from the year-ago period, as it made provisions to beef up reserves in general insurance business.
However, the company’s total income increased to Rs 3,964 crore in the October-December quarter of the current fiscal, from Rs2,353 crore in the year-ago period, Reliance Capital said in a statement.
The firm has set aside Rs43 crore for Reliance General Insurance. Excluding this amount, Reliance Capital’s third quarter profit rose 8% to Rs252 crore.
As on 31 December 2016, the company’s net worth stood at Rs16,149 crore, a surge of 10% from the same period last fiscal.
Reliance Mutual Fund’s profit before tax stood at Rs152 crore in the third quarter of the current fiscal, a growth of 8% from year-ago period.
Reliance Commercial Finance reported a 2% growth in profit before tax at Rs80 crore, while the profit before tax of Reliance Home Finance too climbed 3% to Rs35 crore and Reliance General Insurance registered an increase of 20% in its profit to Rs18 crore.
The company’s broking and distribution business profit stood at Rs14 crore in the October-December 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 financial services, telecom, energy, power, infrastructure and defence.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.